In the week ended June 30, Ford Motor Company’s (F) stock settled at $11.19 with a weekly gain of about 1.4%. In May 2017, the company’s stock posted a fresh 52-week low at $10.67 and turned mixed after that. Now, let’s find out what could be driving Ford stock these days.
Improved May sales
Previously in May 2017, Ford Motor’s US sales rose 2.2% against an industry-wide sales drop. Also, Ford’s May US sales were higher than the sales of competitors (XLY) General Motors (GM), Toyota (TM), and Fiat Chrysler (FCAU).
With these sales gains, Ford stock managed to end June in positive territory with a small rise of 0.6% during the month. The company’s strong May US sales data also might have raised investors’ expectation for its sales performance in the coming months.
Ford is likely to release its June and 2Q17 sales data in the first week of July 2017. Any significant drop in June US sales could hurt investors’ sentiments. Ford’s profit margins have fallen in the last few quarters, which could be the primary reason for investors’ concern.
For the last three consecutive weeks, Ford stock has been trading within a narrow range of $11.35–$11.00 on a closing basis. Only a sustainable breach of resistance near $11.35 could attract renewed buying in the stock this week. On the downside, a price level near $11.00 could continue to act as an immediate support.
Continue to the next part to learn how Fiat Chrysler stock traded in the final week of June 2017.