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May 24, 2023
A quick look at yesterday: the US automaker topped out at $11.91 having ended yesterday at $11.73. However, despite early momentum, the stock gave up its gains to now trade at $11.73.
United States Crude Oil Inventories data will be released today at 14:30 UTC, with an expected decline to -920,000.
Meanwhile, United States New Home Sales (Apr) released yesterday at 14:00 UTC with a figure of 683,000, while the previous figure was 656,000. United States Services PMI came out at 55.1, while a consensus of analysts was expecting 52.6. Fresh Building Permits data from United States came out at 1.15 million.
A study of Ford's historical price actions shows Ford Motor Co is 19 cents away from testing key resistance at $11.92. Peaking above this level could inspire market bulls and open the path to further gains. Trend and momentum analysis indicates that Ford Motors made an initial breakout above its 21 day Simple Moving Average at $11.75, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $11.73 currently serving as resistance. If broken, the next Fib hurdle is expected to be $11.92. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $12.12, thereby suggesting that Ford is becoming overvalued.
Overall, while Ford has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
While Ford Motors was bullish yesterday, the following consumer discretionary stocks underperformed: Alibaba lost 3.74% yesterday and closed at $82.88. Walt Disney closed at $89.82 (down 2.18%). Starbucks went down to $100.34, losing 2.49% after it closed at $102.9 yesterday.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Pending Home Sales is projected to outperform its last figure with 0.5%. It previously stood at -5.2%; data will be released tomorrow at 14:00 UTC.
Also worthy of note, today at 14:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to -920,000 from the preceding figure of 5 million. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 250,000, following on from the preceding figure of 242,000. New data is set to be published tomorrow at 12:30 UTC.
Pointing downwards for around a month. The US auto giant reached a significant high of $16.43 around 9 months ago but has lost 29.21% since then.
