VOLKSWAGEN DOWN ON DUCATI, HEYCAR ANNOUNCEMENTS
Volkswagen is currently trading at €136.65-lower by 0.87% from the last closing. Volkswagen constitutes 2.57% of DAX 30. DAX 30 is currently off by 0.083%.
In recent news, Volkswagen announced that it will invest 3.5 billion euros by 2025 to build digital businesses and products including a cloud computing-based platform to connect vehicles and customers to offer services such as car sharing. In addition, Daimler is in advanced talks to buy a stake in Heycar, a used-car portal set up last year by its bigger German rival Volkswagen, a spokesman for Volkswagen Financial Services said on Wednesday. Volkswagen CEO Herbert Diess told German daily Handelsblatt that its motorbike brand Ducati could be merged or forms an alliance with a rival.
On the technical front, RSI is currently at 38.5% and suggests that the market can move in the downward direction. The %K has crossed the %D from above to the downside at 21.95% and this suggests that the market may head downwards. The current price is below the MA5. Overall market sentiment seems to be negative.
Trade Suggestion-Limit Sell at 137, Take Profit at 134.5, Stop Loss at 138.25