In his recent Real Money column "This Is a Brave New Economy We're In" Jim Cramer noted that investors have also been buoyed by stimulus checks which have been flowing into companies like AutoZone Inc. (AZO) .
Let's check out the charts of the country's largest auto parts chain.
In the daily bar chart of AZO, below, we can see that prices turned lower in December but bottomed with the broader market around the middle of March. Prices quickly recovered after a brief retest of the March low in early April. Prices are now above the rising 200-day moving average line and above the rising 50-day moving average line.
Interestingly, the On-Balance-Volume (OBV) line made its low at the end of February and not the middle of March. The rising OBV line tells us that buyers of AZO have been more aggressive. The Moving Average Convergence Divergence (MACD) oscillator turned bullish by the middle of April and it is still positive.