A quick look at yesterday: an influx of sellers pushed Ford to end the session lower around $14.06, while establishing a $14.06 to $14.35 session range yesterday.
United States Producer Price Index is next today at 13:30 UTC.
While price action maintains a negative bias, United States CFTC Gold speculative net positions released yesterday at 19:30 UTC with a figure of 82,300, while the previous figure was 64599.99999999999. Fresh CFTC Nasdaq 100 speculative net positions data from United States came out at -2,400. United States CFTC S&P 500 speculative net positions released yesterday at 19:30 UTC with a figure of -177,100, while the previous figure was -175,100.
The Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Ford could begin to recover as it approaches significant support, now 7 cents away from $14.13. Dipping below could be an indication that further losses are ahead. Despite this, having stamped out a session range of $14.06 to $14.35, Fibonacci-inclined Ford Motors traders were highly concentrated around active Fibonacci support at $14.15.
Despite suffering losses in today's session, technical analysis is indicating that Ford will undergo a significant bounce in the immediate term.
Ford was not the only decliner in the consumer discretionary sector; Home Depot went down to $306.92, losing 2.55% after it closed at $314.94 yesterday. Amazon went down to $98.49, losing 2.28% after it closed at $100.79 yesterday. Lowe's slips 2.09% yesterday to close at $209.02.
Looking ahead, ongoing depreciation may be prolonged as projections for United States Crude Oil Inventories are set for a continuation of decline with 1.36 million while previous data was 3.92 million; data will be released tomorrow at 15:30 UTC.
In addition, United States Core Retail Sales is projected to outperform its last figure with 0.4%. It previously stood at 0.1%; data will be released tomorrow at 13:30 UTC.
Furthermore, United States Producer Price Index is expected today at 13:30 UTC.
The stock has been trending positively for about a month. Ford Motors reached a significant high of $25.19 around 10 months ago but has lost 43.03% since then.