Categories
Automotive

Avis Budget Group Inc (CAR) : Swing Play

Avis (CAR) beat analyst estimates by 10 cents and this news setup a pretty good swing trade it.
From the Weekly chart, we can see that thick kumo support is around $8.

On the Daily Chart,  price action is below kumo with no bullish play at the moment.

What could happen moving forward? Given that CAR beats analyst estimates, there should be some upgrades coming forward and that will help push the price up. We may have a bullish play moving forward.

At the same time, if we look back at the Weekly chart, the leading kumo starts to thin out and this suggest weaker support in times to come (even if it is a bullish play on the Daily)

2009Nov-Avis Budget Group Inc-800x600_Weekly2009Nov-Avis Budget Group Inc-800x600