Volkswagen AG: NEWS & TECHNICAL
Volkswagen to Slash Management Board Seats
According to Reuters on Wednesday, which cited three individuals familiar with the situation, the supervisory board of Volkswagen AG (ETR: VOWG) has decided to reduce the size of the management board of the German automaker.
According to one of the sources, the change would result in the overall number of seats falling from 12 to nine. Additionally, the posts in charge of sales and procurement would be eliminated.
The sources claim that although the supervisory board of VW discussed the reorganization during a meeting on Tuesday night, no final decisions have been made.
In the aftermath of Herbert Diess’ departure from the company in July after being fired by union leaders and shareholders, VW is considering reorganization. During his leadership, the management board has expanded to include twelve members.
According to Reuters, one of Porsche CEO Oliver Blume’s first goals as company president would be to restructure the composition of the group’s management board. Diess’ replacement.
On September 1, Blume will succeed Diess as CEO of the VW-owned Porsche brand. Blume will also continue in that role.
VOLKSWAGEN AG Technical Analysis: Daily Chart
In the daily charts, VOLKSWAGEN AG is trading in a down channel. VOLKSWAGEN AG is currently trading below all SMA.
RSI is in the selling zone which indicates bearishness. MACD is currently below zero which indicates bearishness.
Its immediate support is 181.94 & the resistance level is 189.34.
VOLKSWAGEN AG will trade in the down channel until there is a trend reversal.
How to Trade VOLKSWAGEN AG this Week:
VOLKSWAGEN AG will follow the downtrend until its trend reversal. So, remain bearish on VOLKSWAGEN AG.