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DAIMLER IS LAYING OFF THOUSANDS OF JOBS WORLDWIDE; STOCK FALLS - Capital Street FX

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    • DAIMLER IS LAYING OFF THOUSANDS OF JOBS WORLDWIDE; STOCK FALLS
29-Nov
20:12 IST

Daimler is currently trading at 51.58-lower by 0.73% as compared to the previous closing.

In recent news, the maker of Mercedes-Benz cars announced today 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. It marked the third announcement on cost cuts this week by a major German automaker. Daimler announced job cuts today as it grappled with huge investments into self-driven and cleaner technologies.

Also, demand in China, Daimler’s biggest market, is declining amid ongoing U.S.-China trade tensions. The German automaker also stated that the automotive industry was in the middle of the biggest transformation in its history. Daimler is also laying-off 10% of worldwide management positions.

On the technical front, the RSI is currently at 50.92% 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- STOP SELL AT 51.52 TAKE PROFIT AT 51.16 STOP LOSS AT 51.70

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