Price Gains 26% in June as Sales Rise 10%

F stock price was moving sideways since the start of 2023 between the range of $14.60 and $11.15, until the end of June. During the start of 2023, the stock price showed bullish momentum and formed a high at $14.60, rising from the low of $11.57. The move led to a rise of roughly 24% in the price.

Due to the release of Q4 earning results which were not positive, Ford motors price took a hit and slipped below the $14 level. The stock price continued to bounce off from the $11.15 level. During the end of June, the price rose roughly 26%, which was majorly due to its partnership with Tesla.

It was seen in the past that investors were excited about the company getting associated with Tesla. With this, Ford electric vehicles would be getting access to 12,000 Tesla superchargers in the United States. The Tesla supercharger works as a gas station for electric vehicles.

Ford sales data from the month of May was also released in June. Ford unit sales were up 10.7% year over year. The truck category saw a rise of 31.6% which was the driving force of sales. Overall, the data showed the sale of 527,905 units.

The sales till now have reached 1,356,151, while in the previous year cumulative sales were 1,850,987. Furthermore, the sales of the electric version of the F-150 truck doubled more than to 4466 vehicles since last year.

The Q2 earning report will be released on 27 July, 2023. The consensus has estimated the revenue to be $42.69 Billion and earning per share to be $0.491. Currently, Ford motors stock price is correcting the bullish move and is headed toward the resistance turned support of $14.60. The sales in the Q2 are up which means the possibility of a positive quarterly report.

Will F Stock Price Reach $20 In 2023?

The stock price trades above the 20,50,100 and 200-day EMAs suggesting bullish momentum in the price. The 50-day EMA has also crossed the 200-day EMA positively, forming a golden crossover. Chaikin money flow score is 0.17 indicating strength in the market. RSI recently entered into an overbought zone but the price started to retrace. RSI traded at 68 indicating increased participation of bears, but the price still possesses bullish momentum.

Conclusion

The market structure and price action of Ford motors is bullish. The stock price recently shattered the resistance level of $14.60 and formed an annual high at $15.42. If price can form a support, there is a possibility that bulls will shatter the annual high as the bullish momentum is high.

Technical levels

Major support: $14.60 and $13.89

Major resistance: $15.40 and $16

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing