DAIMLER JUMPS ON ANNOUNCEMENTS OF BUYING $23B OF BATTERY CELLS
Daimler is currently trading at 46.58-higher by 2.43% as compared to the previous closing.
In recent news, the company announced today that it will buy battery cells worth more than $23 billion by 2030 as it readies mass production of hybrid and electric vehicles. Daimler is one of a number of German automakers massively expanding in electric vehicles as European regulators put an end to toxic diesel emissions.
The maker of Mercedes-Benz cars declined to disclose which supplier would be awarded the contract. The German automaker is also planning to launch 130 electric and hybrid vehicles by 2022 in addition to making electric vans, buses, and trucks.
The company needs battery cells as it builds a global network of battery assembly plants in Untertuerkheim, Sindelfingen, and Kamenz in Germany, as well as in Bangkok, Beijing, and Tuscaloosa in U.S.
On the technical front, the RSI is currently at 37.16% and suggests that the market can move in the upward direction. The current price is below the MA5 (47.15). The current price is below the middle line of the Bollinger Bands but is heading upwards.
Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION-LIMIT BUY AT 46.45 TAKE PROFIT AT 47.15 STOP LOSS AT 46.15