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

By Nick Russo

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 $29.27 and $30.13 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 $29.89, 38% above that low. The 200-day and 50-day moving averages have moved 1% lower and 0.94% lower over the past week, respectively.

There is potential upside of 87.3% for shares of Avis Budget Group based on a current price of $29.89 and an average consensus analyst price target of $56.00. Avis Budget Group shares should encounter resistance at the 200-day moving average (MA) of $35.72 and support at the 50-day MA of $25.69.

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

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