| 
June 29, 2023
Yesterday at a glance: pronounced bullish sentiment in the market helped the US automaker to make a notable 2.64% gain yesterday, rising 38 cents and ultimately closing at $14.79.
United States Fed Chair Powell speech is next today at 06:30 UTC.
On the flip side, Crude Oil Inventories in United States fell short of market expectations (-1.76 million) with a reading of -9.60 million, continuing the decline from the previous figure of -3.83 million.
At the same time, United States 7-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.839, while the previous figure was 3.827. United States Cushing Crude Oil Inventories came out at 1.21 million, while a consensus of analysts was expecting 89,000.
Bollinger Band® analysis indicates that current price action is approaching the upper band at $15.31, thereby suggesting that Ford Motor Co is becoming overvalued. Ford could be slowing down soon as it approaches resistance at $14.93. Of course, crossing it might suggest further gains are ahead.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates Ford is set for a reversal in the coming days.
A look at other consumer discretionary stocks also showed bullish price action as Toyota was up 1.86%.
While Ford was bullish yesterday, the following consumer discretionary stocks underperformed: Alibaba closed at $84.59 (down 2.92%). Home Depot drops 2.3% yesterday to close at $313.74.
Also worthy of note, today at 12:30 UTC data for United States GDP will be released, with an expected decline to 1.4 from the preceding figure of 2.6. United States Initial Jobless Claims projected to come out at 266,000 — worse than previous data of 264,000; data will be released today at 12:30 UTC.
Furthermore, the market is looking at United States Core PCE Price Index (MoM) (May) will be released tomorrow at 12:30 UTC.
The stock has been trending positively for about a month. The US auto giant now trading 28.43% above its 3-month low of $10.95.
