Penske Automotive Group, Inc. (NYSE: PAG)

Penske Automotive Group, Inc. operates as an automotive retailer. It sells new and used vehicles of approximately 40 vehicle brands; offers vehicle maintenance and repair services; and engages in the sale and placement of third-party finance and insurance products, third-party extended service contracts, and replacement and aftermarket automotive products. As of December 31, 2011, the company operated 320 retail automotive franchises, of which 166 franchises were located in the United States and 154 franchises are located outside of the United States primarily in the United Kingdom. It also has operations in Puerto Rico and Germany. Penske Automotive Group, Inc. was founded in 1990 and is headquartered in Bloomfield Hills, Michigan.
To review Penske's stock, please take a look at the 1-year chart of PAG (Penske Automotive Group, Inc.) below with my added notations:
PAG has formed a clear resistance at $32 (red), which would also be a 52-week high breakout if the stock could manage to break above it. In addition, the stock has been climbing the $2 increments (blue) over the last (3) months. Starting from November you can see the bounce on $26, then $28 after that, and now $30. PAG appears to find each increment of $2 as important.
The Tale of the Tape: PAG is stepping higher on the 2's towards its 52-week resistance at $32. A long trade could be made on a breakout above the $32 resistance or on a pullback down to the $30 level. A break below the $30 would be an opportunity to enter a short trade.


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