Avis / Budget (CAR) is finally breaking out of a long term horizontal move. Recently it pushed above $42 and went sideways. At this point, the consolidation after breaking out looks like it is ready to accelerate to the upside. The SCTR ranking looks good. The new high in Relative Strength is shown in purple. The price action is really starting to turn higher.
If your looking at a rental car, you may chuckle that the insurance per day is more than the car rental fee per day. But so far this profit margin appears to be turning the tide higher.
Watch for a ChartWatchers edition this weekend.
I did post a new Commodities Countdown Video for you to roll through.
Good trading,
Greg Schnell, CMT, MFTA
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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