Weaker technical forecast for Avis Budget Group as stock downgraded to Hold/Accumulate.
(Updated on Dec 08, 2023)
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The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Avis Budget Group stock with a 90% probability to be traded between $160.83 and $201.16 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
CAR Signals & Forecast
The Avis Budget Group stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $189.40 and $182.95. A breakdown below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, November 06, 2023, and so far it has fallen -5.33%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
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Support, Risk & Stop-loss for Avis Budget Group stock
Avis Budget Group finds support from accumulated volume at $189.12 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $6.80 (3.61%) between high and low. For the last week, the stock has had daily average volatility of 4.95%.
Our recommended stop-loss: $181.55 (-4.32%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 23 days ago.)
Trading Expectations (CAR) For The Upcoming Trading Day Of Monday 11th
For the upcoming trading day on Monday, 11th we expect Avis Budget Group to open at $191.24, and during the day (based on 14 day Average True Range), to move between $181.54 and $197.96, which gives a possible trading interval of +/-$8.21 (+/-4.33%) up or down from last closing price. If Avis Budget Group takes out the full calculated possible swing range there will be an estimated 8.65% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $189.12 (0.33%) than the resistance at $191.03 (0.67%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Avis Budget Group stock A Buy?
Avis Budget Group holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: -0.133 Open Broker AccountHold/Accumulate Downgraded
Predicted Opening Price for Avis Budget Group of Monday, December 11, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
|Fair opening price December 11, 2023||Current price|
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Fibonacci Support & Resistance Levels
Accumulated Volume Support & Resistance Levels
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