Capital Street Inter markets Limited is a Global Business Company (GBC1) incorporated and regulated by the Financial Services Commission, Mauritius. It is fully licensed and regulated by the FSC Mauritius, as a Full Services Investment Dealer....
9th Floor, Ebene Tower, 52 Cybercity Ebene, Republic of Mauritius
On Wednesday, BMW’s stock was trading at 58.60- higher by 2.10% as compared to its previous close.
The German Automobile BMW reported that company is facing issues this year because of coronavirus breakout in china, but company kept the same target for growing passenger car sales for the year.
The Chief executive Oliver Zipse said that BMW has factories in China, Europe and the United states so its global chain has not been disrupted by travel bans and logistics bottlenecks caused by coronavirus. He also added that supplies have been secured for the next three weeks.
BMW also released the details of its electric concept car, with production of the vehicle expected to start in 2021. The company officials reported that the new BMW i4 electric car will be fast with acceleration of less than four seconds from zero to hundred and the range will be 600 kilometres.
In 2017 the company announced that they expect electrified vehicles to account for between 15-25% of sales. BMW is one of several major manufacturers developing an electric vehicle offering to challenge electric car makers like tesla
On the technical front, in the weekly chart the market is trading at support and formation of hammer candle suggests market will move in upward direction. In daily chart the MACD indicates bullish momentum in the market while the RSI indicates that market is in oversold zone and expected to move in upward direction.
Overall Bias is positive and short-term trades can be initiated with below mentioned Stop Loss and Profit targets.
TRADE SUGGESTION- BUY @ 58.70, STOPLOSS @ 58.20 TARGET@ 59.70