Hertz Global Holdings Inc ( HTZ ) shares are gaining momentum on Wednesday. The rally follows a significant surge in used vehicle valuations.

Manheim Index Hits Multi-Year High

The Manheim Used Vehicle Value Index rose 6.2% last month. This marks the highest level since summer 2023, according to CNBC. The index tracks wholesale auction prices across the U.S.

Tight Inventory Boosts Resale Value

Cox Automotive reports that used vehicle demand remains resilient. Supply fell below 40 days in March. This represents the lowest inventory level seen in 2026. Cox expects retail prices to rise roughly 2% throughout this year.

Cox Automotive slightly raised its 2026 sales forecast. The firm now expects 20.4 million units sold.

Technical Analysis And Short Interest

At $5.99, HTZ is trading 36.4% above its 20-day simple moving average (SMA), the stock's average price over the last 20 sessions. It's 20.7% above its 100-day SMA.

The relative strength index (RSI), a momentum gauge, is 73.70 after entering overbought territory on Tuesday, which indicates momentum is stretched, and pullbacks can show up quickly.

The death cross in November (50-day SMA below the 200-day SMA) still matters in the background, because it highlights that the longer-term trend only recently started repairing.

Key Resistance: $6.00

Key Support: $5.00

The short interest on Hertz Global ( HTZ ) is approximately 48.97% according to Benzinga Pro.

HTZ Stock Price Activity: Hertz Global Holdings ( HTZ ) shares were up 4.08% at $6.12 at the time of publication on Wednesday, according to Benzinga Pro data.