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Avis Budget Group up 6 Percent on Technical Bounce

Shares of Avis Budget Group (NASDAQ: CAR) finished Friday trading up more than 6 percent on a technical bounce.

The stock closed Wednesday’s shortened trading session right at its 50 day moving average. On Friday, the stock moved above the key level sparking an apparent rally that sent the stock soaring more than 6 percent. Volume was in line with its 3 month average but trading on the major exchanges was lower due to the holiday.

Avis Budget has had a solid 2013. The stock has rallied from $19 at the start of 2013 to a high of $34. After forming a weak double top, it sold off to the $27 level where it found old support levels. The stock staged a major reversal up to its 50 day moving average where it rocketed above those levels Friday.

The stock has reached key support levels but could, again, challenge the $34 in the near-term.

Avis Budget finished the day at $32.09 after 1.94 million shares traded hands.

Disclosure: At the time of this writing, the author had no position in the above mentioned stocks.

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