- Toyota Motor’s global sales hit new high in August.
- The TM stock closed at $169.45 with a loss 2.42% in the past 24 hours.
Toyota Motors is a Japan-based global automobile manufacturer. The company said sales and production exceeded in August compared to August 2022 due to the recovery in the semiconductor sector. However, the company announced a 9.4% increase in global sales in August, with a record-breaking production of 923,180 units.
Toyota’s (TM) Stock price has followed a downtrend since September 19, 2023, while forming lower lows and highs. The stock price melts about 14% with a strong bearish sentiment, from the annual high of $195.65 towards the low of $166.92.
The current volume skyrocketed with a heavy presence of buyers. It shows bullish sentiment may rise in the upcoming time. Recently, the TM stock price closed at $169.45 while witnessing a loss of 2.42% in the past trading session. Furthermore, the weekly and monthly returns display an opposing growth of 7.54% and 2.56%, respectively.
Meanwhile, the year-to-date and the three months reflect pragmatic returns of 22.83% and 5.17%, respectively. Thus, 2023 is a bullish year for the company. Moreover, the current market capitalization of Toyota Motors Corp. is $255.15 Billion, and the average volume is 396.992K shares.
Will TM Stock Retest The $160.30 Mark.
Toyota’s (TM) stock price is hovering below the short-term 20-day and 50-day EMAs, indicating a rise in the participation of bears in the market. However, the price trades above the long-term 100-day and 200-day EMAs, suggesting prolonged strength in the market.
The RSI is at 36.29, which denotes weakness, and the price currently faces sellers’ dominance. However, the CMF recently dogged the 0.00 mark and traded at 0.02, reflecting slight strength during the intraday session. The CMF suggests the price might face a correction phase soon.
Conclusion
Toyota Motors Corp. (NYSE: TM) recently hit a new global sales and production high in August 2023. That elevated the price towards the annual high of $195.65. However, due to the vigorous presence of bears at that level, the price dropped drastically and is now under bearish control. Investors should look for long-term opportunities as the market scenario reflects further growth in the upcoming time.
Disclaimer
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