VOLKSWAGEN STABLE ABOVE MA20 ON WHITE HOUSE MEETING/FORD ALLIANCE
Volkswagen is currently trading at 145.35-higher by 0.62% as compared to the previous close. The stock turned positive today after closing in the red in the last four trading sessions.
In recent news, Volkswagen CEO Herbert Diess said on Tuesday that the German automaker was building an alliance with Ford Motor and might use the U.S. automaker’s plants to build cars. The CEO further said that the German automaker was also considering building a second car plant in the U.S. Volkswagen has an assembly plant in Chattanooga, Tennessee. The CEO’s statements came after a meeting at the White House.
Ford Executive Chairman told reporters on Tuesday that talks with the German Automaker about an alliance are going very well.
CEO Diess further disclosed that Volkswagen would not take an equity stake in Ford as part of its alliance.
In another news, Volkswagen’s strategy chief said on Tuesday that the company’s core brand will develop its final generation of vehicles using combustion engine technology in 2026.
On the technical front, the current price is above the MA20. The current price is above the middle line of the Bollinger Bands and is heading upwards. The RSI is currently at 50.01% and suggests that the market can continue trading sideways. The current price is below the MA5.
Overall Bias is Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION-LIMIT BUY AT 144.80 TAKE PROFIT AT 145.80 STOP LOSS AT 144.30