mbrenke
Long

Watching Avis Budget Group for a long setup at a Pivot Level.

NASDAQ:CAR   AVIS BUDGET GROUP INC
76 3 1
(CAR) was on my IBD list of strong fundamental stocks. It's in a strong uptrend and currently pulling back to the $61.95 Pivot level. Once there I'm watching for clear price action showing that the level is being rejected and momentum is building to the upside.

* On September 16th CAR gave an entry trigger with the strong up day closing in the upper range after a gap below support.
* 9-22-2014 Stopped out at $61.75 today for a small loss.
* 9-22-2014 Stopped out at $61.75 today for a small loss.
Reply
Hi Mike, nice analysis. Good stock selection, and sound reasoning behind a long. Is this a swing trade? I am guessing it is because of the time frame of your analysis. Have you taken the trade? This was tricky because of the price gap.
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mbrenke MarcPMarkets
Hi Marc, yes it is a swing trade. I entered at the break of Tuesday's high. I like to enter at a 10 cent break of the triggering days high. I normally stay away from gaps but price showed a lot of strength by closing the way it did on heavier volume, so for me that served as a trigger.
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