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June 14, 2023
Yesterday at a glance: the US auto giant rallied 2.54% and maintained $14.13.
United States Producer Price Index data will be released today at 12:30 UTC, with an expected decline to -0.1%.
At the same time, United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 0.1%, while the previous figure was 0.4%. United States Consumer Price Index came out at 4%, while a consensus of analysts was expecting 4.1%. United States Core Consumer Prices released yesterday at 12:30 UTC with a figure of 0.4%, while the previous figure was 0.4%.
Support/Resistance levels obtained from chart analysis indicate that Ford Motor Co is 11 cents away from testing key resistance at $14.24. Peaking above this level could inspire market bulls and open the path to further gains. With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Momentum evaluation shows that the Relative Strength Index indicates Ford is in an overbought condition. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $14.43, 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.
This rally in Ford Motors's share price coincided with other consumer discretionary stocks as Toyota gained 5.68%, as it traded at $158.08. Tesla added 3.55% to its value, and traded at $258.71. Lowe's gained 1.87%, as it traded at $217.35.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Crude Oil Inventories is projected to outperform its last figure with 1.48 million, having previously been at -451,000. The figure will be published today at 14:30 UTC.
Furthermore, the market is looking at United States Producer Price Index projected to decline to -0.1% while previous data was 0.2%; data will be released today at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Retail Sales will be released, with an expected decline to -0.1% from the preceding figure of 0.4%.
The past 3 months have been positive for the US auto giant as it added 18% compared to its 3-month low of $10.95.
