Thursday brought a surge in the Ford share price after the automaker reported adjusted diluted earnings of $0.13 per share. This figure was a vast improvement over the loss per share of $0.35 seen in the same period in 2020 when the pandemic was raging in full force. Analysts’ estimates had been for earnings per share to come in at $0.04.
Revenues from the automotive division also rose from $16.63 billion to $24.13 billion, beating estimates of $22.83.
The change in fortunes drove demand for the stock in premarket trading, allowing the stock to open with an upside gap. Some intraday profit-taking has occurred, but Ford’s share price remains in green territory by 4.04% as of writing.
A pullback after the opening gap to the upside met resistance at the 14.82 price mark (23/30 June lows). If the gap is closed and selling profit-taking continues, 13.70 comes under pressure. A breakdown of this level allows 13.11 (15 March low) to enter the picture, along with the 19 July low at 12.79.
On the flip side, a break of 14.82 opens the gateway towards 15.69. This move also allows 16.28 the potential to come into the picture as an additional target to the north. There is a potential for price to extend all the way to $19 if the pattern on the daily chart is treated as a bullish flag.