Upcoming Earnings

Ford Motor Co. (ticker: F) is scheduled to report earnings after the market closes on 24 July. The consensus Earnings Per Share (EPS) estimate for the fiscal quarter ending June 2024 is $0.62. The reported EPS for the same quarter a year prior was $0.72.

Ford Testing Support

Following last week’s year-to-date high of $14.85 and a test of resistance at $14.61, we have seen a correction unfold in Ford’s stock price to support from $13.92, a level bolstered by the upper side of the Ichimoku’s Conversion Line (Blue at $13.88), and a trendline support (from the low of $9.67). Of technical relevance, the Conversion line also crossed above the Ichimoku’s Base Line (red at $13.20) at the beginning of July, which is considered a bullish signal.

While current support at $13.92, the Conversion Line and trendline support (as well as price trading below the Lagging Span [dark green at $14.12]) could prove enough of a technical floor, the Ichimoku Cloud is seen just below between the Leading Span A (light green at $13.54) crossed above the Leading Span B (light orange at $13.17).

Price Direction?

The trend is north, and the current support level, at $13.92, is accompanied by trendline support and the Conversion Line. This means we could see additional buyers step in from the current price and perhaps retest resistance at $14.61 and maybe even run for the July 2023 tops of $15.42.

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