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Michael Gable is managing Director of Fairmont Equities ( Fairmont Equities is a share advisory firm assisting Private Clients with the professional management of their share portfolio. It is early days though, so CAR is one to keep an eye on for now.Ĭontent included in this article is not by association the view of FNArena (see our disclaimer). If it can do that for a few weeks or so and then push above major resistance at $20, then we would be comfortable that it is on the way back up.
Ideally, CAR should go on to build a base now and we don't want to see it trade under $18 anymore. It is too early to treat that as a buy signal, but it is a sign that we might see some good buying support step in down here. Last Friday, we saw CAR put in a higher low before rallying very strongly off that low and closing at the highs of the day (circled). The chart for CAR is a bit messy, but some recent price movements have stood out. In today's charting section we have a stock that appears to be holding up very well and may provide some very good upside at the next bear market rally, being (( CAR)). Generally speaking, a stock that holds up well despite the broader market weakness is a stock that produces the best results when the market recovers. We maintain our negative bias to the overall market and believe that the S&P500 Index needs to head lower before we see the type of bounce that is worth trading.Īlthough it is not worth buying anything right now, it is definitely time to make a short-list of the potential buying opportunities. This story features CARSALES.COM LIMITED.
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