Toyota Shares Trade Idea
Toyota shares were traded lower this morning as it had been reported that the firm had to recall nearly 3 million vehicles worldwide due to a seat belt fault, leading to potential fatal injuries in car crashes.
On the daily technical chart, TOT remains in downtrend after strong revival to around 6331 on Feb 15 owing to the oil price.
EMA 14 and EMA 21 are moving above the current price, along with RSI as low as 37.61, which suggests a further selloff is possible. TOT is expected to return to the bottom of 5710, reached on Feb 13.
Sell at 6020 with Stop Loss at 6110 and Take Profit at 5880.