Investors are currently sidelined due to the Thanksgiving holiday but will return to their desks tomorrow. Looking back over the previous session yesterday: the US auto giant has almost recovered all its losses from a previous close of $14.07 after dipping down to $13.85 yesterday.
United States Crude Oil Inventories fell short of the -1 million projections, with new data of -3.69 million.
This down-slide takes place while positive United States macroeconomics indicators data was published earlier – United States Core Durable Goods Orders beat the 0.1% projections, with 0.5%.
Amid the market gloom, United States New Home Sales (Oct) released yesterday at 15:00 UTC with a figure of 632,000, while the previous figure was 588,000.
Ford Motor Co made an initial break below its 10 day Simple Moving Average at $14, a possible indication of a forthcoming negative trend. Ford's upper Bollinger Band® is at $14.55 which indicates a further downward move may follow. Despite this, Ford could begin to recover as it approaches significant support, now 13 cents away from $13.9. 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.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Tesla added 7.82% to its value, and traded at $183.2. Walt Disney was up 2.78%. Alibaba was up 3.3%.
The stock has been trending positively for about a month. Approximately 10 months ago, the US automaker reached a significant high of $25.19 but has struggled to hold onto its gains and declined 44.14% since then.