Over the last couple of weeks, AutoZone, Inc. (NYSE:AZO) has formed a bearish wedge on the daily time frame chart, you can take note of this in the chart below. AZO is now moving into resistance at the 50 day moving average, which is a possible sell trigger point, or area to short the stock for a quick scalp. Should the AutoZone, Inc. (NYSE:AZO) bearish wedge/resistance area play out, the equity will have downside potential to gap window, which is at $493.01 and ultimately gap fill at $487.32. Those two levels will provide the price of AZO support if it should trade down to them; with a bounce higher from those levels expected to bring AZO back higher to the upside target of $510.
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This is what real traders do, trade both sides of the market for profit. The amount of money you earn is completely up to you and how much you want to invest in yourself - it is your financial future, so take control of it! Join myself and 3 other Pro Traders as we guide members to enter and exit the markets exactly when the Pro do in the Elite Round Table. Step up, join us now and let the results speak.