Stock of the day: Ford

By Tomasz Wisniewski|

Published: October 31 2023, 13:38 GMT+0

Stock of the day: Ford

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In today’s deep dive into the stock of the day, Ford Motors has come under our radar. This iconic automotive titan has been displaying certain vulnerabilities since the heart of July. However, it’s the recent weeks that have seen a marked acceleration in this downward trajectory. The focal point that seems to have set off this intensified decline? The company’s latest earnings report, unveiled on the 26th of October.

Delving into the specifics, the Earnings Per Share (EPS) underperformed relative to market expectations. Although revenue figures aligned more or less with projections, the overall reception to these earnings was undeniably chilly, if not outright frigid. This lukewarm response from traders and investors was manifested in a decisive price movement, as Ford’s stock price crumbled through a pivotal horizontal support level, discernible around the $11 mark and highlighted in a conspicuous green hue.

Post this critical breach, Ford’s descent gathered momentum, with its current trading price hovering in the vicinity of $9.6. A pervasive bearish sentiment seems to have taken hold, and as long as the stock languishes below the aforementioned green support-turned-resistance zone, this gloomy outlook is poised to persist. Of course, in the dynamic world of trading, a resurgence above the green zone could usher in a bullish phase for Ford. But for now, such a turnaround appears to be on the fringes of probability.

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