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FORD STOCKS FALL AFTER REPORTING DROP IN QUARTERLY CHINA SALES - Capital Street FX
FORD STOCKS FALL AFTER REPORTING DROP IN QUARTERLY CHINA SALES
Ford Motor Co’s stock is currently trading at 10.13-lower by 0.69% as compared to the previous closing price. In the pre-market trading session, the stock was trading lower by 0.20%. The stock has continued falling after the opening bell.
In recent news, the U.S. carmaker said that its quarterly sales in China dropped due to a slowing economy amid Washington-Beijing trade dispute. Ford’s vehicle sales in China declined by 21.7% for the quarter ended 30th June. The company suffered since it has limited new models for customers to choose from.
The U.S. carmaker’s sales in China slumped by 35.8% in the first quarter of 2019. Ford delivered 290,321 vehicles in China in the first six months of this year. The U.S. carmaker also disclosed that it would partner with Zotye Automobile to sell lower priced cars in China. Ford said that it would launch more than 30 new models in China over the next three years.
On the technical front, the RSI is currently at 59.55% and suggests that the market can continue trading sideways. The current price is above the middle line of the Bollinger Bands but is heading downwards. The %K has crossed the %D from above to the downside at around 70% and suggests that the market can move in the downward direction.
TRADE SUGGESTION- LIMIT SELL AT 10.22 TAKE PROFIT AT 10.02 STOP LOSS AT 10.32