RENAULT REBOUNDS AFTER NISSAN FIRES CHAIRMAN GHOSN
Renault is currently trading at 58.88-lower by 0.20% as compared to the previous closing. The stock has been continuously closing in negative territory since the last five trading sessions.
In recent news, Nissan Motor Co’s board voted unanimously to oust Chairman Carlos Ghosn today ushering in a period of uncertainty for its 19-year alliance with Renault. The move came despite Renault urging Nissan’s board before its meeting to delay removing Ghosn, according to market sources.
The Franco-Japanese alliance, enlarged two years ago to include Japan’s Mitsubishi Motors, has been rattled to its core by the arrest of the Carlos Ghosn in Japan on Monday.
Earlier, Renault has said its Chief Operating Officer Thierry Bollore will temporarily assume responsibilities of chairman and CEO Carlos Ghosn, who was arrested in Tokyo on Monday.
On the technical front, the RSI is currently at 26.37% and suggests that the market can continue trading sideways. The current price is below the middle line of the Bollinger Bands but is heading upwards. The %K has crossed the %D from below to the upside at around 19% and suggests that the market may head upwards.
Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION-LIMIT BUY AT 58.82 TAKE PROFIT AT 59.22 STOP LOSS AT 58.62