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Possible Bearish Inside Day Candle Pattern Detected for Avis Budget Grou (NASDAQ:CAR)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Avis Budget Grou (NASDAQ:CAR) based on the price action in the company's shares. Today's price range of $33.24 and $34.31 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Avis Budget Grou may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, shares of Avis Budget Grou have traded between a low of $29.94 and a high of $50.88 and are now at $34.09, which is 14% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

Avis Budget Group, Inc. offers automobile and truck rental services.

There is potential upside of 49.0% for shares of Avis Budget Grou based on a current price of $34.09 and an average consensus analyst price target of $50.80. The stock should hit resistance at its 200-day moving average (MA) of $41.13, as well as support at its 50-day MA of $33.42.

SmarTrend is monitoring the recent change of momentum in Avis Budget Grou. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Avis Budget Grou in search of a potential trend change.

Keywords: bearish inside day candle avis budget grou

Ticker(s): CAR