Ford trades at $12.86 today, after closing yesterday at $12.48 and gaining 37.5 cents (3%).
United States's Consumer Confidence new data released of 102.5 below its previous figure.
On the flip side, United States Consumer Confidence published today at 14:00 UTC came out at 102.5, falling short of the 106.5 projections and continuing its decline from the previous 107.8 figure.
At the same time, United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Aug) released today at 13:00 UTC with a figure of 13.1, while the previous figure was 16. United States Services PMI came out at 46.6, while a consensus of analysts was expecting 49.2.
Ford Motor Co broke through the $12.69 resistance, climbing 16 cents above it. Investors are seeking long positions as Ford Motors price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Ford Motors has just crossed its upper Bollinger Band® at $12.82, suggesting further gains could be on the cards.
Overall, looking at the technical analysis landscape, it seems Ford might continue pointing upwards in the short term.
This rally in Ford's share price coincides with other consumer discretionary stocks as Nike gained 2.9%, currently at $90.56. Tesla is trading at $222.04 after ending yesterday's session at $211.25 (up 5.11%). Lowe's is trading at $192.91 after ending yesterday's session at $187.61 (up 2.83%).
Moreover, macro data could boost sentiment further as United States Crude Oil Inventories is projected to outperform its last figure with 200,000. It previously stood at -1.73 million; data will be released tomorrow at 14:30 UTC.
Furthermore, the market is looking at United States New Home Sales (Sep) scheduled to come out tomorrow at 14:00 UTC.
Ford Motors reached a significant high of $25.19 around 9 months ago but has lost 50.46% since then.