Autos In A Technical Ditch Heading Into Q1 Earnings
Ford stock recently traded to the low end of a wedge pattern it has been stuck in for the better part of two years. The stock’s rising support line is currently around $11, while is falling resistance line rests at about $12.25. At around $11.20, Ford is currently trading near its lowest levels since spring 2016. Ford traders will be looking for a breakout, particularly to the downside, following the company’s earnings report expected on April 27.
GM’s chart doesn’t look much better in the moment. After trading in a range between $29.50 and $32.00 for most of the second half of 2016, GM broke out to a higher trading range between $34.50 and $38.00 starting in December. Unfortunately for GM bulls, the stock seems to have fallen below its $34.50 support in recent weeks and has been drifting lower ahead of Q1 earnings, which are expected out on April 28.
For some expert insight on the state of the auto sector, join Auto Trader senior analyst Michelle Krebs on the Benzinga PreMarket Prep show Friday, April 28.
Joel Elconin contributed to this article.
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