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6/01/99 Autozone Inc (AZO)
Points to watch: Autozone set an all time high in July 1998. The stock then endured a steep 3 month selloff before beginning a new leg up which brought it close to its old highs. During the stock's February peak daily OBV showed a very strong negative divergence with the price action. After failing to set a new high during its October-February rally, the stock then soldoff. On Thursday the stock fell below Gann angle support at 30 which had acted as support during April and May. AZO also fell below its 21 day, 55 day, and 200 day moving averages on Thursday. %R and MACD are confirming a move lower.
