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June 06, 2023
A quick look at today: the US auto giant topped out at $12.93 having ended today at $12.93. However, despite early momentum, the stock gave up its gains to now trade at $12.93.
Ford Motors is currently trading at $12.93 following the release of EIA Short-Term Energy Outlook data from the United States.
Meanwhile, United States ISM Non-Manufacturing PMI (May) came out at 50.3, while a consensus of analysts was expecting 51.8. United States Services PMI released yesterday at 13:45 UTC with a figure of 54.9, while the previous figure was 53.6. United States API Weekly Crude Oil Stock released today at 20:30 UTC with a figure of -1.71 million, while the previous figure was 5.20 million.
Ford Motor Co made an initial breakout above its 200 day Simple Moving Average at $12.83, a potential indicator of a newly emerging bullish phase. Ford Motors broke through the $12.71 resistance and climbed above it 22 cents; next resistance level is at $12.82. Despite this, Bollinger Band® analysis indicates that current price action is approaching the upper band at $12.77, thereby suggesting that Ford Motors is becoming overvalued.
According to technical analysis, it looks as if Ford likely to continue pointing upward in the short term.
This rally in Ford's share price coincided with other consumer discretionary stocks as Toyota traded at $148.48 after closing today's trading day at $145.73 (up 1.89%). Alibaba added 2.73% to its value, and traded at $86.7.
Ford went up today, yet these consumer discretionary stocks did not follow — McDonald's closed at $284.54 (down 1.35%).
Also worthy of note, United States Crude Oil Inventories expected to decline to 1.15 million while its preceding data was 4.49 million, data will be available tomorrow at 14:30 UTC.
Having set a significant high of $16.43 9 months ago, the US automaker is trading 23.37% lower.
