We’ve been discussing the “elastic band” stretching too far between the tech and resources sectors relative performance at length in recent reports and today we are looking to pick a turn in the battered tech/growth story.
Initially we have gone with the relatively conservative CAR Group (CAR) placing a bid 40c below Tuesday’s weak opening, this may be raised in time with the stock already trading more than 20% below its 5-year average valuation.
- Buy Car Group (CAR) at $28.80 with stops at $27.35 – a 5% risk.
- We are initially targeting a strong recovery back towards the $35 area.
Trade Idea: Buy Car Group (CAR) at $28.80 with stops at $27.35
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