Ford Motor Co f fell nearly 3% along with Tesla in the pre-market Monday after stock futures turned sharply negative ahead of the president Joe Biden delivery Notes on the economy.
The industry, including long-established EV makers, is grappling with rising interest rates and persistent inflation and last week’s news SVB Finance Group failed, fueled fear in the stock market, causing many sectors to trade lower.
Last week on CNBC’s “Squawk On The Street,” host of Mad Money Jim Cramer Recommended investors are buying Ford after Morgan Stanley analyst Adam Jonas pointed out Tesla, Inc TSLA Cybertruck referred to as a “cult car” and the model recommended released as a limited edition.
Tesla has been forced to reduce the prices of its various models in both the US and China as sales slacked due to increased competition and a deteriorating economic outlook. To make matters worse, Tesla and Ford have both recently made recallsin the case of Ford for its F-150 Lightning pickup truck.
For technical traders, Ford has both bullish and bearish indications on its chart and price action on Monday and possibly Tuesday will at least dictate the short-term trend.
Would you like a direct analysis? Find me in the BZ Pro Lounge! Click here for a free trial.
The Ford Diagram: Ford negated its uptrend Thursday by printing a lower high of $13.08, but the stock has yet to confirm a new downtrend by printing a lower low. If the stock falls below the daily low of February 24 at $11.75, a lower low will form, confirming the downtrend.
- If Ford reaches $11.75 and bounces up from this level, a bullish double bottom pattern will form, which could indicate that a reversal to the upside is looming. When that happens, traders will want to see the stock eventually make a higher low to indicate that a new uptrend is on the horizon.
- If Ford…
[ad_2]
Source story
