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April 27, 2023
Yesterday at a glance: after a mostly steady day, the US automaker lost 1.95% deep into the session, closing at $11.54.
Crude Oil Inventories in United States fell short of market expectations (-1.49 million) with a reading of -5 million, continuing the decline from the previous figure of -4.58 million.
This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — United States Core Durable Goods Orders beat the -0.2% projections, with 0.3%.
While price action maintains a negative bias, United States 5-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.5, while the previous figure was 3.665.
Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $11.51, a low enough level to, generally, suggest that Ford is trading below its fair value. Ford's notable support and resistance levels: Ford could begin to recover as it approaches significant support, now 13 cents away from $11.41. Dipping below could be an indication that further losses are ahead.
All in all, the technical analysis suggests Ford Motors has no clear-cut direction.
Ford was not the only decliner in the consumer discretionary sector; Home Depot closed at $288.07 (down 2.79%). Tesla went down 4.31%, closed at $160.67.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Amazon was up 2.35%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Pending Home Sales projected to decline to 0.5% while previous data was 0.8%; data will be released today at 14:00 UTC. Today at 12:30 UTC data for United States GDP will be released, with an expected decline to two from the preceding figure of 2.6. United States Initial Jobless Claims projected to come out at 248,000 — worse than previous data of 245,000; data will be released today at 12:30 UTC.
Having soared to a high of $16.43 approximately 8 months ago, the US automaker is now trading 28.36% lower.
