Higher Highs for Autozone Inc (NYSE: AZO) Says Market Timer Frank Kollar
February 26, 2009 (FinancialWire) (By Frank Kollar)
Shares of the Autozone Inc (NYSE: AZO continue to display strength in an otherwise abysmal stock market.
Autozone is currently at all time highs and has been in a steady advance since hitting bear market lows in November, 2008. Those lows were down at $90 a share, so Autozone‘s current share price at $143.88 represents a three month gain of 60%.
How high can Autozone go? There is no limit to potential gains, but there are resistance levels ahead that will either slow down the advance, or result in a correction.
The first resistance level is at $159.24, some 10.5% above Wednesday’s close. A decisive close above this level would result in a continued advance to $179.49. Expect profit taking though at the $159 level.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
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