PAG - Solid Fundamentals & Good Relative Strength

cletibals Pro Updated   
NYSE:PAG   Penske Automotive Group, Inc
1) Formed a good basing pattern that was 131 days long while the markets got smashed. A signal that PAG has shown good relative strength against the market.

2) Fundamentals are solid with a history of beats over the past year.

3) While not in a strong sector, the technical setup looks interesting. The past two weeks saw more up days than down days. There were evidence of shakeouts during the basing period with price now tightening the last week. PAG looks like it can't wait to break out.

4) Just one of a few setups I am starting to see in the market. We might be in the beginning stages of the end of this correction.
Comment: The 2R target level is just a placeholder, if many stocks start breaking out I might sell a portion and let the rest run.

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