German vehicle maker Volkswagen AG was reported to be considering a return to Iran after 17 years, as it prepares to begin importing cars to that market in August. Such a move could make the German company less reliant on volatile foreign markets such as Brazil and China.
As of the time of writing, Volkswagens stock was edging down 0.15% on the day to trade at EUR 136.00 on Xetra, with the current intraday low and the current intraday high being at EUR 135.68 and EUR 136.82 respectively.
Shares of Volkswagen AG closed higher for a third consecutive trading session on Tuesday. The stock edged up 0.29% (EUR 0.40) to EUR 136.20, after touching an intraday high at EUR 137.30, or a price level not seen since June 2nd (EUR 139.25). In the week ended on July 2nd the shares of the vehicle manufacturer lost 0.22% of their market value compared to a week ago, which marked the sixth drop in the past seven weeks, but yet, the smallest one in at least a year. The stock retreated 0.30% in June, which marked a second consecutive month of losses. For the entire past year, Volkswagen shares dipped 0.30%.
According to a July 4th statement by VW, an agreement has been reached with Irans Mammut Khodro, which encompasses the import of brand models such as Passat and Tiguan through 8 dealerships.
Weekly Pivot Levels
By using the traditional method of calculation, the weekly levels of importance for Volkswagen AG VZO O.N. (VOWG_p) are presented as follows (quotes in euros):
Central Pivot Point – 133.70
R1 – 135.20
R2 – 137.05
R3 – 138.55
R4 – 140.05
S1 – 131.85
S2 – 130.35
S3 – 128.50
S4 – 126.65
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