Yesterday at a glance: the US auto giant dropped 3.46% early on and traded close to the $13.38 level.
United States EIA Short-Term Energy Outlook is next today at 17:00 UTC.
Meanwhile, United States ISM Non-Manufacturing PMI (Nov) released yesterday at 15:00 UTC with a figure of 56.5, while the previous figure was 54.4. United States Trade Balance (Oct) came out at -78.2 billion, while a consensus of analysts was expecting -80 billion. Data from United States concerning Exports was released today at 13:30 UTC. Newly published figures emphasized continued decline from last month's figure of 258.5 billion to 256.6 billion this month.
With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. After descending below strong Fibonacci support at $13.4, market bears have earmarked $12.78 as the next downside target. According to asset volatility analysis, Ford's lower Bollinger Band® is at $13.32, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. A study of Ford Motors's chart reveals various key levels to watch: Ford Motors could begin to recover as it approaches significant support, now 14 cents away from $13.24. Dipping below could be an indication that further losses are ahead.
Overall, the technical outlook suggests Ford Motors is likely to remain muted for the immediate future, with no clear-cut direction.
Ford was not the only decliner in the consumer discretionary sector; Walt Disney falls 3.52% yesterday to close at $99.43. Lowe's dips 4.03% yesterday to close at $214.84. Toyota closed at $143.19 (down 2.28%).
Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -3.88 million. It previously stood at -12.58 million; data will be released tomorrow at 15:30 UTC.
Furthermore, United States EIA Short-Term Energy Outlook is expected today at 17:00 UTC.
The US auto giant is now trading 44.98% below the significant high of $25.19 it set around 10 months ago.