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June 22, 2023
Ford traders are preparing for a tough opening bell in a hour time as pre-market trade emphasizes yesterday's bearish bias. After closing the previous trading day at $14.22 and dropping to $13.94, the US automaker closed yesterday at $14. By the end of the session, Ford gave up a total of 1.41%.
United States Initial Jobless Claims data will be released today at 12:30 UTC, with an expected improvement to 260,000. Ford Motors reaction to indicator information will follow.
While price action maintains a negative bias, United States API Weekly Crude Oil Stock came out at -1.25 million, while a consensus of analysts was expecting -433,000. United States 20-Year Bond Auction released yesterday at 17:00 UTC with a figure of 4.01, while the previous figure was 3.954.
Technical analysis of Ford's past price action reveals multiple support and resistance levels: Ford Motor Co could begin to recover as it approaches significant support, now 14 cents away from $13.88. Dipping below could be an indication that further losses are ahead.
Ford was not the only decliner in the consumer discretionary sector; Tesla falls 5.46% yesterday to close at $274.45. Walt Disney slips 1.24% yesterday to close at $89.75. Alibaba went down to $86.77, losing 1.32% after it closed at $87.93 yesterday.
Looking ahead, ongoing depreciation may be prolonged as today at 15:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.87 million from the preceding figure of 7.92 million.
Some optimism can drawn from the fact that United States Initial Jobless Claims is projected to outperform its last figure with 260,000. It previously stood at 262,000; data will be released today at 12:30 UTC.
Furthermore, United States Services PMI figure is projected at 54. It previously stood at 54.9; data will be released tomorrow at 13:45 UTC.
The stock has been trending positively for about a month. The US auto giant now trading 19.3% above its 3-month low of $10.95.
