AZO is a stock that I've been bearish on this year, and more or less rightly so. Today AZO made a new six month low on continued selling which I assume most would attribute to the cash for clunkers program, also known as the "don't fix your pos (piece of shit) car, buy a new pos car" program. Today's break brings into play a long term pivot for AZO at about $140 which is where I'd expect the bulls to put up a real fight. If you are bullish on AZO that's where I'd try a low risk entry, if you are bearish then I'd wait for that level to break on volume. If $140 breaks then this "consolidation" in AZO could rapidly turn into "oh no the momentum died in my over bloated retail stock" crash. This chart is beginning to look a lot like this oldie, but goody:
AZO is a stock that I've been bearish on this year, and more or less rightly so. Today AZO made a new six month low on continued selling which I assume most would attribute to the cash for clunkers program, also known as the "don't fix your pos (piece of shit) car, buy a new pos car" program. Today's break brings into play a long term pivot for AZO at about $140 which is where I'd expect the bulls to put up a real fight. If you are bullish on AZO that's where I'd try a low risk entry, if you are bearish then I'd wait for that level to break on volume. If $140 breaks then this "consolidation" in AZO could rapidly turn into "oh no the momentum died in my over bloated retail stock" crash. This chart is beginning to look a lot like this oldie, but goody:
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