carsales.com Limited
carsales.com Limited (ASX: CAR) is an online automotive, motorcycle and marine classifieds business in Australia. Its carsales network is an online shop for buying and selling cars, motorbikes, trucks, boats, and machinery equipment. As per the previous recommendation on CAR on 23 March 2023, a ‘Buy’ rating was given on the stock at AUD 21.7, and noted below are the details of support and resistance provided in the previous report:
Recommendation Summary as on March 23, 2023
CAR Daily Chart
Considering that the stock is trading close to its R2 level, current trading level, and risks associated, it is prudent to book profits at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the current price of AUD 24.70 (as of June 20, 2023, at 2:25 PM GMT+10).
Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate.
Note 1: Past performance is neither an indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is June 20, 2023. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.
Note 4: Dividend Yield may vary as per the stock price movement.
Technical Indicators Defined: -
Support: A level at which the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.
Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.
Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.
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