Toyota’s ADR price movement
On May 16, Toyota Motor’s (TM) ADR (American depositary receipt) was trading at $137.35.
So far in 2018, TM has risen ~8%. The company’s strong fiscal 2018 financial performance could be one of the drivers of this optimism.
Key technical levels
On the upside, Toyota’s ADR could find an immediate horizontal resistance near its three-year high at $140.99. This could be followed by a stiff horizontal resistance near its all-time high of $145.80.
The stock’s 14-day RSI (relative strength index) level is currently hovering above the line of equilibrium at 67, reflecting underlying strength in its momentum. On the downside, a stiff support level for the stock lies near $131.60. Only an early violation of this support level could attract renewed selling pressures and confirm weakness in the stock’s price action. Upward price movement can see resistance around resistance levels, and downward price movement can hit a roadblock around support levels.
Read Market Realist’s A Must-Read Overview of Toyota Motor Corporation to learn more about Toyota’s business overview and recent financial trends.
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