CAR Group is the business formally known as Carsales.com Limited.
“The share price hasn’t made a lot of progress in the past six months as investors worried about softening economic growth and cost of living pressures translating to weaker listings,” Michael said.
“However, strong growth in their Media and Advertising segment, along with expected improvements in 2025 on the back of rate cuts is seeing renewed support now for the share price.
“CAR had spent much of March – July trading in a range.
“It then broke out to the upside before trading sideways again.
“This sideways consolidation from late August saw the range tighten up as it sat on top of the prior trading range.
“It was just a matter of time until CAR broke out again and started trending.
“We finally received that breakout this week (circled) on good volume.
“This is therefore a buying opportunity and CAR should now continue trending higher from here,” Michael said.
CAR GROUP (CAR) – last 12 months
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