As stated at 1:35 pm today, the srtong support above 47 proved itself today by closing up at $47.02. Despite the fact it was only a penny gain, the importance is holding these levels (closing upward even better) in a down market.
There was enough resistance caused by what appeared to be profit taking as the stock approached the mid 48 level to send the price back down to the prior closing level.
Despite opening lower, strong support came right in and kept the levels close enough to close up. Many who may have taken profits may have come back in as leveing settled in aroud 47.
Tomorrow will be another telling day as the chart paint's it's picture at this level defining a TA chart.
I feel we should see the 50 range easliy, absent a selloff, which would pave a path to possibly the mid 50's to 60 level. AZO's board should be giving investors some guidance with action it could take at these higher levels (ie. split, more buybacks, etc..)
Things are doing well. Keep in mind though, we have had a decent run from the 20's, so at these higher levels, many who have profits still on the table may be tempted to take some off.
Stops should be set for any dramatic sell-off's even though that is not too likely at the moment.