Hertz Global Holdings Inc (NYSE:HTZ) is bouncing off its all-time lows on Tuesday amid a revision in a trade organization’s monthly data that indicates last month’s used car sales weren’t as bad as previously thought. That news has HTZ stock up nearly 9% in late afternoon trade.

The National Automobile Dealers Association’s used car price index originally was reported as falling 10.3% in May to 107.8. The revised version of the report says the index dropped just 7.6% to 111.1.

Rival Avis Budget Group Inc. (NASDAQ:CAR) also shot 3% higher in response, but it was HTZ stock — which has plunged more than 55% year-to-date even after Tuesday’s sizable bull move — that really stood out.

Tuesday’s move sent HTZ all the way up to its 20-day moving average, which despite the fact that short-term averages typically aren’t as resilient as resistance, has put a cap on shares for months. Shares had actually declined well under the 20-day MA ever since May, when Hertz collapsed 15% in a single day after reporting a $1.61-per-share loss in its first quarter that was nearly double what analysts expected.

HTZ stock has now worked off oversold conditions in its Relative Strength Index that have persisted for a bit more than a month. Looking higher, should shares manage to actually penetrate the 20-day, the next big area of resistance is another 34% higher at around $133.

Obviously, that would take some doing.

For now, upside bets that grandiose are better done through call options. Any straight-up plays on Hertz stock itself should at least wait until shares can get through and maintain above that 20-day MA around $9.70.

As of this writing, Robert Martin did not hold a position in any of the aforementioned securities.