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Ford Motor Companys (F) vehicle sales in China continued to shrink in May, despite the auto makers decision to appoint a new sales chief and to prepare the launch of new vehicle models.

Ford shares closed lower for a third consecutive trading session in New York on Friday. The stock inched down 0.08% ($0.01) to $11.88, after touching an intraday low at $11.80, or a price level not seen since June 5th ($11.68).

Shares of Ford Motor Company have retreated 4.88% so far in 2018 compared with a 3.97% gain for the underlying index, S&P 500 (SPX).

In 2017, Ford’s stock surged 2.97%, thus, it again underperformed the S&P 500, which registered a 19.42% return.

Fords total sales in China were reported to have dropped 29% year-on-year to 61 744 vehicles in May, while year-to-date sales went down 22% to 338 386 vehicles compared to the same period a year earlier.

The US car maker has been struggling to boost sales volumes in the worlds largest auto market since last year.

Earlier in June, Ford said it had appointed Mao Jingbo as head of sales for the companys premium Lincoln brand, who is to succeed Amy Marentic. Previously Jingbo served as Executive Vice President of Smart/AMG/V-Class/Vito sales at Mercedes-Benz China.

Ford had also revealed plans to launch a number of new products, including redesigned Escort and Focus vehicles, as well as Lincolns new premium model – the Nautilus.

“We are progressing our China 2025 strategy by introducing a series of new products…, sharpening our operational execution, and improving our business fitness as we prepare for a new chapter of growth”, Peter Fleet, head of Ford’s Asia Pacific operations, was quoted as saying by Reuters.

Fleet has already said that sales in China would probably not regain momentum until 2019, when the first wave of the new vehicle models are made available in showrooms.

According to CNN Money, the 19 analysts, offering 12-month forecasts regarding Ford Motor Company’s stock price, have a median target of $13.00, with a high estimate of $16.00 and a low estimate of $8.00. The median estimate is a 9.43% surge compared to the closing price of $11.88 on June 15th.

The same media also reported that 15 out of 22 surveyed investment analysts had rated Ford Motor Company’s stock as “Hold”, while 5 – as “Buy”. On the other hand, 1 analyst had recommended selling the stock.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, today’s levels of importance for Fords stock are presented as follows:

R1 – $11.901
R2 – $11.922
R3 (Range Resistance – Sell) – $11.943
R4 (Long Breakout) – $12.007
R5 (Breakout Target 1) – $12.080
R6 (Breakout Target 2) – $12.112

S1 – $11.859
S2 – $11.838
S3 (Range Support – Buy) – $11.817
S4 (Short Breakout) – $11.754
S5 (Breakout Target 1) – $11.680
S6 (Breakout Target 2) – $11.648

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

Central Pivot Point – $11.943
R1 – $12.087
R2 – $12.293
R3 – $12.437
R4 – $12.580

S1 – $11.737
S2 – $11.593
S3 – $11.387
S4 – $11.180

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