Ford to cut 4K jobs within Europe (Germany and UK). Cite weak EV demand.

Ford is announcing they will cut 4000 jobs primarily in Germany and the UK. They blame week EV sales and also lack of government support and increasing competition.

Shares of Ford are trading your unchanged at $11.05 in premarket trading. The last few days has seen the price test the 100 day moving average at $11.22. Above that is its 200 day moving average of $11.81 (green line on the chart below). It would take a move above those two MA levels to give the buyers some hope. Absent that, and the sellers are in control.

This article was written by Greg Michalowski at www.forexlive.com.