CAR hasn't been commented on here previously as it has been in a strong decline for 18 months. CAR makes a fairly clear Elliott Wave pattern that suggests the March low was the end of Wave C and prices should improve - which they did until it retested the low in May, making a possible double bottom. Doublle bottoms are usually folowed by significantly higher prices, and that seems to be what has happened. Price has broken a downtrend and seems to be making generally higher weekly troughs and peaks - all of which are buy signals. Last week it broke up out above resistance at $1.70 to make a target of $2.10. Not a huge gain but historically CAR has had good rallies and it could become a long term hold. That said, when its price has fallen it has done so spectacularly - so CAR is perhaps more of a traders stock than a sit and hold prospect. From a non-charting aspect the strong second-hand vehicle market due to supply issues faced by new vehicle manufacturers should keep CAR's income stream strong for some time.

CAR 5Aug22 

Contact

Robert Norman

Phone: 0428 346 951
Email: robert@sharecharting.com.au

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