Could there be more bullish opportunity for Mazda as Soller in talks to buy the Japanese shares?

The Mazda stock is currently trading at ¥1,117.05 ($7.74), the gains have really accelerated since March earlier this year. From a technical perspective, support sits at ¥1,117 which at this moment in time is also the trading price and it’s where the blue trendlines indicates. A break below the blue trendline could see the share slide further towards the next support level at ¥1,072 ($7.42), where the green trendline is based. Towards the upside, the first resistance level sits at ¥1,167 (£8.08) followed by further resistance at ¥1,220 ($8.45). A break above this resistance could see the stock peak towards the highs of August. MACD is currently negative but RSI reads 29, suggesting the stock is oversold and a bounce higher could be imminent. This bullish opportunity for traders could be triggered since Mazda’s rival Toyota has announced on Friday that it will be stopping its production in Russia.