The “Chart of the Day” is Autonation (AN), which showed up on Wednesday’s list of stocks that had a new Buy signal from the Barchart “TrendSpotter” trading system. Autonation on Wednesday rallied by 4.92% to more than reverse last week’s sell-off and post a new 3-month high. Wednesday’s 3-month high of $24.98 was just 7 cents below the record high of 25.05 posted on Aug 9 and a rally above that high would be a particularly bullish technical signal. Autonation last week fell after reporting Q3 EPS of 39 cents versus the market consensus of 42 cents, but then rebounded after Morgan Stanley on Nov 2 named Autonation as a long Research Tactical Idea and after the US October vehicle sales report showed a stronger-than-expected increase to 12.25 million units from 11.73 million in September. Autonation, with a market cap of $3.4 billion, is one of the largest automotive retailers in the United States with new vehicle franchises from dealership locations in major metropolitan markets in numerous states, predominantly in the Sunbelt states.
How we found the Chart of the Day:
We found the “Chart of the Day” by scanning the Barchart “Trading Signals” page. That page provides a summary of changes in the Barchart signals. We then clicked on the TrendSpotter “Buy” category to obtain a list of all the stocks for which the Barchart TrendSpotter trading system has just turned to a buy. We then clicked on the “Today’s Opinion” column header in order to sort the list with the strongest stocks on top. Further information is available at Barchart Signals Guide help page and at TrendSpotter help page.
Barchart’s Opinion trading systems are all a Buy and Barchart’s daily TrendSpotter trading system is a “Buy.” Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.
- TrendSpotter: Buy
- Short-Term Indicators: 100% Buy
- Medium-Term Indicators: 100% Buy
- Long-Term Indicators: 100% Buy
- Overall Average 100% Buy
Chart of the Day provided by www.Barchart.com.
