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April 13, 2023
Ford Motors is down to $12.29, after ending yesterday at $12.67. Overall, a 3.04% loss or 38.5 cents today.
Following a previous reading of 0%, Producer Price Index in United States released today at 12:30 UTC fell short of the 0.1% figure expected by analysts with an actual reading of -0.5%. Highly important Initial Jobless Claims data from United States beat analyst expectations of 232,000 with a reading of 239,000.
This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — United States Crude Oil Inventories came out at 597,000, better than analyst estimates of -583,000 and improving upon the previous reading of -3.74 million.
As the trading day commences, technical analysis suggests Ford Motor Co broke through the $12.37 support line and dropped 8 cents below it. Price action pushed below a known Fibonacci support level at $12.35 by around 6.92 cents with prices hammering out a $12.28 – $12.65 range by session close.
Positive performances can be seen by looking at other consumer discretionary stocks as Amazon added 2% to its value, now trading at $99.8. Walt Disney is up 1.4%. Alibaba is up 1.83% to $95.56.
Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming United States Core Retail Sales data is projected to fall short of market expectations with newly published data of -0.3%, following on from the preceding figure of -0.1%. New data is set to be published tomorrow at 12:30 UTC.
Furthermore, United States Retail Sales figure is projected at -0.4%. It previously stood at -0.4%; data will be released tomorrow at 12:30 UTC.
Ford hit a significant low of $10.95 around 3 months ago, but has since recovered 15.71%.
