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RENAULT STOCKS FALL AFTER MERGER TALKS COLLAPSE - Capital Street FX
Renault is currently trading at 53.08-lower by 5.55% as compared to the previous closing price.
Renault’s stocks plunged today after Fiat Chrysler pulled its offer for the French automaker. The move was announced in a statement released by Fiat Chrysler shortly after midnight European time. The Italian-American automaker stated that “the political conditions in France do not currently exist for such a combination to proceed successfully.” Fiat Chrysler also said that it remained firmly convinced of the rationale behind the proposed merger.
According to market sources, the proposal fell after French government representatives on Renault’s board postponed taking a vote on Wednesday.
On the technical front, the RSI is currently at 41.04% and suggests that the market can move in the downward direction. The %K has crossed the %D from above to the downside at around 67% and suggests that the market may head downwards. The current price is below the MA5.
Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Profit targets.
TRADE SUGGESTION-LIMIT SELL AT 53.15 TAKE PROFIT AT 52.75 STOP LOSS AT 53.35