Buybacks Start TomorrowShares in Japanese vehicle maker Toyota are trading higher today on news that the company will buy back around $826 million worth of shares this week. With shares in Toyota still sitting more than 10% down off the recent highs, the carmakers has said that it plans to be “more flexible” than ever in terms of how it uses buybacks.Shares in the company have suffered a slew of issues over recent months. A cyber-attack on one of the firms suppliers has halted factory production, the recent earthquake in Japan has also struck a blow to operations, as well as fresh lockdowns in China amidst a COVID resurgence there.While the scale of Toyota’s buyback is relatively small compared with the overall size of the company, the move is nevertheless bullish for Toyota’s stock price. Buybacks are scheduled to start tomorrow and continue through until May 10th.Technical ViewsToyotaThe rally in Toyota’s shares off the 1828.5 lows has seen the market trading firmly higher with price now quickly approaching a test of the 2163.5 level and bear channel top. This will be a key test for the stock, with both MACD and RSI firmly bullish here, a break of this region will put focus on a higher move up to the 2334 level next.
Source: Tickmill
