Hertz Global Holdings
Nearest Resistance: $31
Nearest Support: $26.50
Catalyst: Call Option Volume
Shares of car rental firm Hertz Global Holdings (HTZ - Get Report) are up more than 4.7% this afternoon, blasted higher by huge call volume that traded this morning. Hertz August $30 calls saw an 8,000 contract block trade this morning, adding a major bullish bet on the stock that other market participants are piling into in kind.
From a technical standpoint, the move in HTZ isn't completely surprising. Despite a big gap down after the firm's earnings hit earlier this month, the uptrend in shares held for a sixth test of support earlier in the week, making a bounce look likely. The big call buy this morning is just helping shares along.Now looks like a good time to join buyers. Just keep a protective stop below the 200-day moving average.
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