Ford Stock (NYSE: F) price continues to trade in the $11-$14 trading range. The stock for the automobile manufacturer has broken below the range mid of $12.4 and sits 2.7% below it. At press time, the stock is changing hands at 12.07, up 0.17% in pre-market hours.
The recent sell-off in Ford’s stock can be attributed to the bearish sentiment in the stock markets around the world. The weak PMI data and a fear of a decrease in demand from China is a major concern for investors. The Nasdaq 100 index slid by 1% on Wednesday, while the Dow Jones Index declined by 198 points.
UAW Submits Counteroffer Regarding Wage Hike To Ford
UAW has submitted its counteroffer to Ford after the American car manufacturer offered a 9% wage increase through 2027. This was much less than the 46% wage hike demanded by the union. UAW also hinted at a strike by saying 97% of members voted in favor if an agreement is not reached.
On 31st July, Ford reported outstanding Q2 results. The automobile producer announced $42.43 billion in revenue, beating analysts’ expectations of $40.38 billion. Ford also reported a net income of $1.92 billion, up significantly from last year’s $667 million. Despite this, Ford stock price has fallen 12% since its Q2 earnings release.
Ford Stock Price Forecast
The price chart for NYSE: F shows the price trading in the long-term $11-$14 trading range. The price has also broken below the 200 MA in August and is now trading 5.5% below it. Usually, a break below 200 MA is a bearish sign.
The Ford stock price forecast appears to be bearish as the stock is trading 3% below the range mid. If the price does not reclaim $12.4 soon, a correction toward the range low of $10.9 will be on the cards. On the other hand, a reclaim of $12.4 may push the price to retest the 200 MA level which lies at $12.78.
I’ll keep posting my updated Ford analysis and my personal trade setups on Twitter, where you are welcome to follow me.
