Ford shares retreat the most in a week on Monday, a tariff-free Brexit seen as crucial for company’s jobs in the UK

According to a March 7th statement by the Ford Motor Companys President for Europe, a tariff-free trade following a Brexit scenario is crucial for keeping jobs at the companys plants across the United Kingdom.

Ford shares closed lower for a third straight trading session on Monday, while also marking their largest daily slump since February 28th. The stock went down 1.03% ($0.13) to $12.52, after touching an intraday low at $12.50, or a price level not seen since February 28th ($12.45). In the week ended on March 5th the shares of the global automotive company added 1.44% to their market value compared to a week ago, which marked the fourth gain in the past six weeks and also the best performance since the week ended on January 8th. The stock has neutralized earlier advance and is now down 0.08% so far during the current month, following a 1.38% surge in February. The latter has been a fourth consecutive month of gains. For the entire past year, Ford shares lost 13.91%.

In 2016, Ford announced a scale back of its investment efforts at its Bridgend plant, as demand for one of its petrol engines turned out to be below expectations. According to unions in the country, the automotive company intends to cut 1 100 jobs at that plant. However, Ford has denied to have any immediate reduction plans.

At the same time, Jim Farley, the Ford President for Europe, said that tariff-free trade was a key factor for safeguarding over 14 000 Ford employees in the United Kingdom.

“For the future of those employees and for customers in the UK, a zero-tariff environment is really, really important”, Farley said in an interview at the Geneva motor show, cited by Reuters. “We will continue to insist that a zero-tariff environment is key for the future of those employees at Ford.”

In case the UK was to go back to World Trade Organization trading rules, tariffs of up to 10% could be imposed on imported vehicles, while Ford engines manufactured in Britain could be hit by tariffs of up to 2.7%.

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 – $12.53
R2 – $12.54
R3 (Range Resistance – Sell) – $12.55
R4 (Long Breakout) – $12.58
R5 (Breakout Target 1) – $12.61
R6 (Breakout Target 2) – $12.62

S1 – $12.51
S2 – $12.50
S3 (Range Support – Buy) – $12.49
S4 (Short Breakout) – $12.47
S5 (Breakout Target 1) – $12.43
S6 (Breakout Target 2) – $12.42

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

Central Pivot Point – $12.61
R1 – $12.79
R2 – $12.93
R3 – $13.11
R4 – $13.29

S1 – $12.47
S2 – $12.29
S3 – $12.15
S4 – $12.01