Toyota about to bounce off trending support

11 ביולי 2020

Toyota has been trading in a channel, potentially rising wedge. It sits in a strong industry with Tesla currently bringing up technicals for a lot of autos. It is currently at $125 and will hit resistance around $136 if it stays in the channel. On the downside, $120 looks like an area of support and an indication that our trade is not functioning the way we planned. With an upside of ~8% and a downside around ~4%, this could be a decent trade to the long side.