| 
March 09, 2023
Yesterday at a glance: an influx of buyers helped the US automaker to end the session higher around $13, while establishing a $12.71 to $13 session range yesterday.
United States's Crude Oil Inventories new data released of -1.69 million below its previous figure.
Ford's uptick comes amid disappointing United States macroeconomic data released during the session – following a previous reading of 1.17 million, Crude Oil Inventories in United States released yesterday at 15:30 UTC fell short of the 395,000 figure expected by analysts with an actual reading of -1.69 million.
Meanwhile, United States JOLTs Job Openings (Jan) released yesterday at 15:00 UTC with a figure of 10.82 million, while the previous figure was 11.23 million. United States ADP Nonfarm Employment Change (Feb) came out at 242,000, while a consensus of analysts was expecting 200,000.
Despite posting gains on yesterday, Ford Motor Co slid below its 5 day Simple Moving Average at $12.75 during the last session — an early indicator that a negative trend could be emerging. Ford is 11 cents away from testing key resistance at $13.09. Peaking above this level could inspire market bulls and open the path to further gains. Despite this, when "Bullish Engulfing” is detected at the bottom of a bearish trend, it is typically indicative of a trend reversal.
Overall, looking at the technical analysis landscape, it seems Ford is likely to reverse course and start pointing down in the short term.
This rally in Ford Motors's share price coincided with other consumer discretionary stocks as Lowe's was up 1.89%.
While Ford Motors was bullish yesterday, the following consumer discretionary stocks underperformed: Tesla slips 3.04% yesterday to close at $187.71. Alibaba closed at $86.95 (down 2%).
Also worthy of note, as things stand, upcoming United States Non Farm Payrolls data is projected to fall short of market expectations with newly published data of 205,000, following on from the preceding figure of 517,000. New data is set to be published tomorrow at 13:30 UTC. Today at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 195,000 from the preceding figure of 190,000.
Furthermore, the market is looking at United States Unemployment Rate figure is projected at 3.4. It previously stood at 3.4; data will be released tomorrow at 13:30 UTC.
The US auto giant is up 17.17% from the significant low of $10.95 it hit 2 months ago.
