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Daimler is currently trading at 42.945-lower by 0.23% as compared to the previous closing.
The German automaker reported a 64% drop in last year’s profit today. The company also cut its dividend to the lowest since the financial crisis. Daimler lowered its dividend by two thirds to 0.90 euros per stock. The German automaker will also lower personnel costs by more than 1.4 billion euros by the end of 2022. The company will review non-core operations to channel more money into automaking.
The company’s CEO said that restructuring at the vans division would deliver results in 2020. The CEO further said that the automaker was working on next-generation models that will be easy to produce from 2025 onwards. The maker of Mercedes-Benz cars announced last year that it will cut at least 10,000 jobs worldwide by the end of 2022 after reaching an agreement on its plans with labour unions. Stocks of Daimler have fallen 12% year to date.
On the technical front, the RSI is currently at 36.47% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is below the middle line of the Bollinger Bands and is heading downwards.
Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION- LIMIT SELL AT 42.95 TAKE PROFIT AT 42.45 STOP LOSS AT 43.20