Ford sheds 4% within $12.17 to $12.6 daily range

A quick look at yesterday: the US automaker dropped 4% early on and traded close to the $12.22 level.

United States Philadelphia Fed Manufacturing Index (Apr) is next today at 12:30 UTC.

Highly important Crude Oil Inventories data from United States beat analyst expectations of -1 million with a reading of -4.58 million.

Amid the market gloom, United States 20-Year Bond Auction released yesterday at 17:00 UTC with a figure of 3.92, while the previous figure was 3.909. United States Cushing Crude Oil Inventories came out at -1 million, while a consensus of analysts was expecting 622,000.

Ford Motor Co made an initial break below its 21 day Simple Moving Average at $12.2, a possible indication of a forthcoming negative trend. Bearish sentiment was sufficient to push prices below the known Fib level of $12.35 serving as intraday support. Despite this, Ford could begin to recover as it approaches significant support, now 16 cents away from $12.06. Dipping below could be an indication that further losses are ahead.

Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Ford Motors to extend its recent losses.

Ford Motors was not the only decliner in the consumer discretionary sector; Walt Disney went down 2.16%, closed at $100.93. Toyota went down to $135.26, losing 1.3% after it closed at $137.04 yesterday.

On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Amazon traded at $104.3 after closing yesterday's trading day at $102.3 (up 1.96%).

Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 240,000, following on from the preceding figure of 239,000. New data is set to be published today at 12:30 UTC.

Furthermore, United States Philadelphia Fed Manufacturing Index (Apr) is scheduled for today at 12:30 UTC. United States Existing Home Sales (Mar) is expected today at 14:00 UTC.

The stock has been trending positively for about 30 days. The US auto giant is up 16.26% from the significant low of $10.95 it hit 3 months ago.