Hertz teams up with BP to develop EV charging network

Hertz (HTZ1.US) stock jumped over 4.0% on Tuesday after the rental car giant unveiled a new partnership with BP’s (BP.US) to build a network of EV charging stations across the United States to be used by its clients.

The chargers will support Hertz’s plans to add hundreds of thousands of EVs to its fleet over the next several years. Hertz's goal is for one-quarter of its fleet to be electric by the end of 2024, with continued growth through acquisitions from various EV manufacturers.

Hertz (HTZ1.US) stock lost nearly 30.0% of its value in recent weeks, however buyers managed to defend key support around $15.70 where June lows are located. Partnership news sparked a relief rally and at one point today share price rose over 6.0%. However buyers gave away some of the gains in the evening as broad sentiment deteriorated. Nevertheless as long as price sits above the aforementioned support, upward correction is on the cards. Nearest resistance to watch is located at $17.15 and is marked with previous price reactions and 78.6% Fibonacci retracement of the last upward wave. Source: xStation5