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Possible Bullish Inside Day Candle Pattern Detected for Avis Budget Group (NYSE:CAR)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Avis Budget Group (NYSE:CAR) based on the price action in the company's shares. Today's price range of $37.05 and $37.64 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. Traders and investors interested in shares of Avis Budget Group may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Avis Budget Group has traded in a range of $21.73 to $56.74 and is now at $37.40, 72% above that low. Over the past week, the 200-day moving average (MA) has gone down 1% while the 50-day MA has declined 0.9%.

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

Avis Budget Group (NYSE:CAR) has potential upside of 49.7% based on a current price of $37.40 and analysts' consensus price target of $56.00. The stock should find initial support at its 200-day moving average (MA) of $35.72 and further support at its 50-day MA of $25.69.

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

Keywords: bullish inside day candle Avis Budget Group

Ticker(s): CAR