Penske Automotive Group, Inc. : Continuation of the bullish trend

02/12/2013 | 10:23am Opinion : Bullish above 33.6 USD Target price : 38 USD Stop loss: 30.5 USD

NYSE Retail - Specialty

Penske Automotive Group is trading in a bullish trend and several elements argue for the continuation of this trend.

From a technical viewpoint, the security is trading in a bullish trend in the short and the long term. Increasing moving averages let think there will be no reversal in the coming trading sessions. This growth should help to break the USD 33.6 resistance.

It seems opportune to take a long position above the USD 33.6 in closing price. If the stock crosses it, a new target price will be set at USD 38. A stop loss will be placed at USD 30.5.

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