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VOLKSWAGEN WEAK AFTER AUDI SALES WARNING - Capital Street FX
Volkswagen is currently trading at 145.25-lower by about 1.5% as compared to the previous closing. The stock closed in negative territory in the previous session as well.
Volkswagen’s premium brand Audi said on Friday (5th Oct.) that it expected sales in Europe to fluctuate in the coming months due to supply bottlenecks caused by stricter anti-pollution rules. According to sources, Volkswagen Group’s sales during last month fell by half in Europe’s five biggest markets. Sales fell after its several top-selling models failed to conform to the new Worldwide Harmonized Light Vehicle Test (WLTP) rules. The carmaker also said on Friday that Audi’s monthly sales were down by 69.4% in Germany, while China deliveries increased 12.5% and sales in North America rose 1.2%.
On the technical front, the RSI is currently at 49.62% 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 145.60 TAKE PROFIT AT 144.60 STOP LOSS AT 146.10