Ford shares close higher on Monday, SUV boom in the United States may continue, says a top executive

A top executive from Ford Motor Company (F) said at an April 10th event that sales of sport utility vehicles in the United States may continue to gain momentum. The second largest auto manufacturer in the US also revealed plans to present a renovated 2018 Ford Explorer SUV.

Ford shares closed higher on Monday, while marking their second gain in the past eight trading sessions. The stock edged up 0.18% ($0.02) to $11.25, after touching an intraday high at $11.35, or a price level not seen since April 6th ($11.36). In the week ended on April 9th the shares of the global automotive company lost 3.52% of their market value compared to a week ago, which marked the fourth drop in the past five weeks. However, the stock has pared its slump to 3.35% so far during the current month, following a 7.10% drop in March. The latter has been the largest monthly decrease since January 2016. For the entire past year, Ford shares lost 13.91%.

Mark LaNeve, the companys vice president of US marketing, sales and service, said that the market share of sport utility vehicles may expand to 45% of total auto sales in the US during the upcoming five to seven years. Sport utilities accounted for 32.6% of total US auto sales last year.

According to CNN Money, the 22 analysts, offering 12-month forecasts regarding Ford’s stock price, have a median target of $13.80, with a high estimate of $17.00 and a low estimate of $10.00. The median estimate is a 22.67% surge compared to the closing price of $11.25 on April 10th.

The same media also reported that 14 out of 24 surveyed investment analysts had rated Ford Motor Company’s stock as “Hold”, while 8 – as “Buy”.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Ford stock are presented as follows:

R1 – $11.26
R2 – $11.27
R3 (Range Resistance – Sell) – $11.28
R4 (Long Breakout) – $11.31
R5 (Breakout Target 1) – $11.35
R6 (Breakout Target 2) – $11.36

S1 – $11.24
S2 – $11.23
S3 (Range Support – Buy) – $11.22
S4 (Short Breakout) – $11.19
S5 (Breakout Target 1) – $11.15
S6 (Breakout Target 2) – $11.14

By using the traditional method of calculation, the weekly levels of importance for Ford Motor Company (F) are presented as follows:

Central Pivot Point – $11.36
R1 – $11.51
R2 – $11.79
R3 – $11.94
R4 – $12.09

S1 – $11.08
S2 – $10.93
S3 – $10.65
S4 – $10.37