Auto Nation (AN) is tracing out a clear Head-and-Shoulders pattern, but remains short of a confirming support break. The most recent signal was a triangle breakout last week. AN has since moved back into triangle support. A move below 32.5 would break support and argue for a trend reversal.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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