A 52 Week High for AutoZone, will it Hold?

Published on Tuesday, 24 April 2012 12:34 Written by TradersHuddle Wire

New York, April 24th (TradersHuddle.com) - Shares of AutoZone, Inc. (NYSE:AZO) booked a new 52 week high today by trading above $386, traders are definitely monitoring AutoZone's price action to see if this move attracts further buying into the stock.

AutoZone, Inc. (NYSE:AZO) is a specialty retailer of automotive replacement parts and accessories. The Company offers an extensive product line including new and remanufactured automotive hard parts, maintenance items, accessories and non-automotive products.

AutoZone is currently trading 0.17% versus its previous trading session close, and it has calculated support and resistance at $313.11 and $386.00 respectively. Clearly, with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range.

The overall market index S&P 500 is trading higher by 0.46% from its previous trading close, which means that AutoZone stock is underperforming the overall market.