Ford shares gain for a second straight session on Wednesday, 270 000 Fusion vehicles recalled in North America

According to a report by Reuters, 270 000 Ford Fusion vehicles are being recalled by Ford Motor Company (F) in North America, as the cars could roll away.

The auto maker said it was aware of three reports of property damage and one report of injury, which may be associated with the issue.

Ford shares closed higher for a second consecutive trading session in New York on Wednesday. The stock went up 1.17% ($0.12) to $10.36, after touching an intraday high at $10.40, or a price level not seen since May 10th ($10.41).

Shares of Ford Motor Company have risen 35.42% so far in 2019 compared with a 13.73% gain for the benchmark index, S&P 500 (SPX).

In 2018, Ford Motor Co’s stock went down 38.75%, thus, it underperformed the S&P 500, which registered a 6.24% loss.

The recall includes Fusion models manufactured between 2013 and 2016, which have a shifter cable that may be detached from the transmission, the US auto maker said. As a result, the ignition key could be removed by the driver when the car is not in park.

According to CNN Money, the 19 analysts, offering 12-month forecasts regarding Ford Motor Company’s stock price, have a median target of $10.00, with a high estimate of $14.00 and a low estimate of $6.00. The median estimate represents a 3.47% downside compared to the closing price of $10.36 on May 15th.

The same media also reported that 15 out of 23 surveyed investment analysts had rated Ford Motor Company’s stock as “Hold”, while 5 – as “Buy”. On the other hand, 2 analysts had recommended selling the stock.

Weekly Pivot Levels

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

Central Pivot Point – $10.30
R1 – $10.53
R2 – $10.68
R3 – $10.91
R4 – $11.14

S1 – $10.15
S2 – $9.92
S3 – $9.77
S4 – $9.62