The Greedy Trader Weekly Analysis
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Downtrend Broken Resistance
Downtrend Broken Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Downtrend broken resistance stock market alert is a trend trading warning signal. It is a confirmation that long term downtrend reversal is completed and a new uptrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of resistance line. This point is considered as a second chance to participate in downtrend reversal.
Technical analysis of stock trend chart following long term trend analysis and trend following indicator for broken resistance trend trading. Stock trend analysis and broken resistance trend following indicators.
trend trading,trend following,stock trend chart,technical analysis of stock trend,trend following indicator,following long term trend,Broken Resistance

AutoZone Inc. (AZO)

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Summary:
Weekly :Williams' Percentage Range is strongly overboughtMACD bearish divergence
Daily :Williams' Percentage Range is overboughtRelative Strength Index is strongly overboughtStochastic signal line moved below overbought area
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It was a third consecutive positive week for the AutoZone Inc. (AZO). During the week, the AZO gained 38.83 points, or 3.32%, and closed at 1207.42 on Friday, July 31, 2020. Weekly volume was -38% below average.

Long-term trend: [See AZO long-term trend chart]
A long-term uptrend had started on July 20, 2017 at 491.13 and reached 1274.41 on December 10, 2019. AZO gained -783.28 points, or -159.49%, in 124 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 893.34 and resistance is at 1435.59. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a long-term trend.

Medium-term trend: [See AZO medium-term trend chart]
A medium-term uptrend had started on March 23, 2020 at 684.91 and reached 1230.54 on July 30, 2020. AZO gained -545.63 points, or -79.66%, in 18 weeks. Price is near the trend high.

Weekly Technical Indicators: [See AZO weekly technical indicators chart]
Weekly Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought weekly overbought Williams' Percentage Range. Weekly MACD has bearish divergence. Use the following links to access the MACD help, or use the Technical Stock Screener to see the list of stocks with weekly MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Williams' Percentage Range help.

The weekly MACD line is above its signal line since May 1, 2020. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See AZO short-term trend chart]
A short-term uptrend had started on June 15, 2020 at 1074.45 and reached 1230.54 on July 30, 2020. AZO gained -156.09 points, or -14.53%, in 45 days. The price is now at the 14.81% retracement level.

Daily Technical Indicators: [See AZO daily technical indicators chart]
Daily Williams' Percentage Range is overbought while Relative Strength Index is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range or strongly overbought daily Relative Strength Index. During the last week, daily Lane's Stochastic signal line (%D) has moved below overbought area. Such crossover is considered a bearish signal. Use the following links to access Lane's Stochastic and Relative Strength Index help.

The daily MACD line is above its signal line since July 15, 2020. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current short-term uptrend is getting stronger.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 92.29
Strong Overbought
Williams' Percentage Range (W%R) 14.20
Overbought
Lane's Stochastic (%D-Slow) 76.95
Greed/Fear Indicator (GFI) 85.01
Overbought
Moving Average Converg./Diverg. (MACD) 14.25
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 66.22
Williams' Percentage Range (W%R) 3.70
Strong Overbought
Lane's Stochastic (%D-Slow) 78.62
Greed/Fear Indicator (GFI) 79.09
Moving Average Converg./Diverg. (MACD) 11.10 Bearish
Trading Signals
Description Value Chart
Yearly Trendline Resistance 1435.59
Upper Bollinger Band 1217.17
Daily Stochastic Crossing 1213.82
Price 1207.42
Weekly Stochastic Crossing 1198.81
Parabolic System 1186.11
20 Day Moving Average 1152.72
50 Day Moving Average 1139.50
Lower Bollinger Band 1103.25
Sector and Industry
Description Name Rank
Sector Consumer Discretionary 6
Industry Specialty Stores 94
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 1090.12
Low Date 07/10/2020
High 1230.54
High Date 07/30/2020
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 1074.45
Low Date 06/15/2020
High 1230.54
High Date 07/30/2020
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 684.91
Low Date 03/23/2020
High 1230.54
High Date 07/30/2020
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 1274.41
High Date 12/10/2019
Low 684.91
Low Date 03/23/2020
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 1435.59
Support 893.34
Low 491.13
Low Date 07/20/2017
High 1274.41
High Date 12/10/2019
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.

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