Toyota Motor (NYSE:TM) UP 1.98% AT 8819
Shares of Toyota Motor (NYSE:TM) touched a record high on Tuesday as investors flocked back to automakers and other relatively cheap cyclical stocks while ditching tech companies that shone earlier in the pandemic.
Toyota’s shares rose as much as 2.6% to 8,869 yen, surpassing their 2015 peak, and closed up 2.0%.
“With earnings out of way, the market trend has clearly shifted in favour of value stocks from growth stocks which had been bought only based on expectations (of future growth),” said Hiroyasu Mori, strategist at Okachi Securities.
“There’s no doubt that Toyota, once called an eternally cheap stock, is a leader in this.” he said.
Toyota, the top Japanese company by market capitalisation and the world’s biggest automaker, has weathered a global semi-conductor chip shortage better than many of its rivals and is forecasting a return to pre-pandemic profit levels this year.
On technical fronts Toyota Motor (NYSE:TM) RSI stood at 73.58 and currently stock is trading Above all Moving Averages. So, SELL position can be taken with following target and stoploss.
TRADE SIGNAL -: Toyota Motor (NYSE:TM) – BUY: 8816.99, TARGET: 8833.03, STOP LOSS: 8806.9