Stock of the day: Ford Motor Company

Stock of the day: Ford Motor Company
Ford Company's recent market performance indeed presents a significant point of interest for investors and traders. The technical breakdown in October, marked by the price plunging below the crucial $11 support level, green on the chart, signaled a robust bearish momentum. This move initiated a sell-off, pushing the stock into a period of lateral movement throughout November.
The key observation here is the buyers' failed attempt to reclaim the $11 mark towards the end of November. This resistance level, once a support, now acts as a formidable barrier to any upward movement, emphasizing the ongoing bearish sentiment. The rejection at this level, combined with a downturn from the mid-term descending trendline (red), reinforces the negative outlook.

As long as Ford's stock price remains under the confluence of these two technical factors - the $11 resistance and the descending trendline - the bearish scenario remains dominant. Traders and investors will be closely monitoring the $9.6 support level (orange), representing the recent lows seen in October and November. A breach of this support could potentially lead to further downward pressure, making it a critical juncture to watch in the upcoming trading sessions.
Show More Articles
Axiory uses cookies to improve your browsing experience. You can click Accept or continue browsing to consent to cookies usage. Please read our Cookie Policy to learn more.