Ex-Nissan boss Carlos Ghosn is giving a press conference at the moment where he is presenting his case against what he has deemed his illegal arrest and detention in Japan. Ghosn had been under house arrest in Japan over fraud allegations, but he dramatically escaped from the country and is presently Lebanon, the land of his ancestry.
This is the first time the public is hearing Carlos Ghosn’s side of the story after he was accused of fraud by Japanese prosecutors. His trial had been delayed and he was placed under house arrest, but dramatically left the country on a private plane, owned by a company that says it was tricked into conveying Ghosn out of Japan.
Nissan has lost close to billions of dollars in its market valuation since Ghosn’s arrest in 2018. The stock has continued to plummet in value and is currently trading at 5.90 on the US OTC exchange. The weekly chart shows a series of bearish technical patterns: pennants, flags and a descending triangle which has just been recently breached to the downside.
A completion of the measured move from the descending triangle targets the 5.3236 support last seen on 11 May 2009, with 4.522 following close behind. On the flip side, failure of this downside move targets the initial resistance at 6.3386.
Presently, the sentiment around Nissan is bearish and the revelations from the press conference could have further negative consequences on the company stock. It would not be surprising to see an attempt by Nissan to push back on some of the revelations from Carlos Ghosn’s press conference which is so far painting a story of alleged blackmail and betrayal on Ghosn’s person.