Long Avis for 10-20% continuation
Avis is having a good 2019, rallying off a triple-bottom near $21 to current levels around $34 over the last four months. We've been tracking the stock since it broke higher through trend channel resistance back in February. The rally from the low appears to be impulsive, with an extended Wave 3 on surging momentum. The stock is now trading sideways in what we're counting as Wave 4 of larger degree Wave 3. Look for the prior rising trend channel to act as support as CAR resumes the short-term uptrend. Initiating a long position at market and looking for an immediate 10-20% move higher before further consolidation.
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