Ford Motor Company (NYSE:F) to lay off about 450 employees in Canada
US automaker Ford said Monday it would lay off about 450 employees in Canada as it ends production of two vehicles currently assembled there.
This month, Ford stopped making the Lincoln MKT at its Oakville assembly plant west of Toronto, and will discontinue the Ford Flex SUV by the end of November, a company spokeswoman told AFP.
The decision is a result of “shifting consumer demands,” said the spokeswoman, Kelli Felker.
The job cuts come on top of 200 already announced in July for the Oakville plant, which currently has 4,100 workers.
The Canadian union representing the workers, Unifor, said the layoffs would begin in early February.
Unifor’s president Jerry Dias called on Ford to move production of another vehicle to Oakville “to prevent permanent job loss.”
Felker said Ford was “replacing 75 percent of our vehicle lineup and will have the freshest line-up by the end of 2020, expanding our truck and utility line-up with new models.”
The announcement is another difficult blow for the auto industry in Canada’s Ontario province where, in the past year, Chrysler and General Motors have announced nearly 4,000 layoffs.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 9.05.
The projected lower bound is: 8.15.
The projected closing price is: 8.60.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 4 black candles for a net of 1 white candles. During the past 50 bars, there have been 23 white candles and 25 black candles for a net of 2 black candles.
An engulfing bearish line occurred (where a black candle’s real body completely contains the previous white candle’s real body). The engulfing bearish pattern is bearish during an uptrend. It then signifies that the momentum may be shifting from the bulls to the bears.
If the engulfing bearish pattern occurs during a downtrend (which appears to be the case with FORD MOTOR CO), it may be a last engulfing bottom which indicates a bullish reversal. The test to see if this is the case is if the next candle closes above the bottom the current (black) candle’s real body.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 12.6491. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 5 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 40.77. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 17 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -80. This is not a topping or bottoming area. The last signal was a sell 5 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 0 period(s) ago.
Rex Takasugi – TD Profile
FORD MOTOR CO closed down -0.110 at 8.610. Volume was 34% below average (neutral) and Bollinger Bands were 1% narrower than normal.
Open High Low Close Volume___
8.730 8.740 8.580 8.610 6,614,584
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 8.98 9.03 9.31
Volatility: 51 32 34
Volume: 11,821,301 9,436,665 10,539,458
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
FORD MOTOR CO is currently 7.6% below its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect volume flowing into and out of F.N at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on F.N and have had this outlook for the last 19 periods.