Technicals on new Granny Shot additions

Note: I’ll be out of the office late Thursday and Friday, so no report on Friday, nor Video Thursday or Friday, but all will resume Monday. Have a nice weekend!

Abbott Labs ($ABT- $106.21)  Attractive to buy following a 21% decline over the last seven months as it’s thought that $ABT has started its stabilization process and should begin a rally back higher in the near future.  At present, a short-term downtrend from late December remains intact which has held two of ABT’s recent rally attempts.  Overall, it’s important to relay that while $ABT has declined over 20% in recent months, the stock has only given back 38.2% of its rally from late 2016, a key Fibonacci level that’s thought to be very good support.  Key level to exceed lies at $112 and getting over this would suggest this decline has run its course.  On the downside $101 is important to hold on pullbacks, as below would have little real support until near $90, which is the 50% retracement of the stock’s five-year uptrend.  Bottom line, $ABT remains in a very attractive sector, and it’s difficult to view recent weakness as anything more than a temporary pullback as part of its longer-term uptrend.

Autozone ($AZO- $2182.37)  Near-term bullish as part of a neutral period of consolidation that began in late December 2021.   AZO has been extraordinarily strong in recent months, having avoided much of the carnage that’s affected many other retailing names.  At present, AZO lies within striking distance of all-time highs on a weekly close and is expected to push back to new high territory in the months to come.  While some evidence of weekly negative momentum divergence happened into April 2022 peaks, the decline into May barely breached February 2022 lows, showing hardly any real damage.  Until greater evidence of trend deterioration starts to occur, AZO remains quite attractive technically, and is considered one of the best stocks within the entire Consumer Discretionary sector. Until/unless this breaks May lows near 1703, this is considered a strong overweight within Discretionary, and upside technical targets lie near 2400.

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