The Ford share price activity for the day spiked after Ford Motors reported better-than-expected earnings.
In the earnings report during Wednesday’s after-hours, Ford reported Q3 2021 earnings of $0.51 per share, lower than the $0.65 it earned in the same period a year earlier. Revenue also dropped year on year from $37.50 billion to $35.7 billion. However, both EPS and revenue beat market expectations, as analysts had predicted an EPS of $0.27 and revenue of $32.77billion.
The automaker also provided upbeat guidance for its 2021 earnings before interest and taxes (EBIT), saying it would come in at between $10.5billion and $11.5billion and kept its adjusted free cash flow of $4billion to $5billion.
The Ford share price saw a significant jump on market open, trading nearly 12% higher as of writing. If the trend stays this way, the stock could snap a 4-day losing streak.
Ford Share Price Outlook
The surge of Thursday has broken the 16.49 resistance line. This setup props 18.06 (24 October 2013/28 July 2014 highs) as the next resistance target in line. 18.95 (14 January 2011 high) forms an additional target to the north, as does 20.69 and 22.83.
On the other hand, a breakdown of the 15.69 support, where there is an intersection with the channel’s lower border, is needed to set off a corrective decline in the stock. This move puts the bears on course to target the 14.82 support, with 13.70 and 12.79 also lining up as additional targets to the south.