Ford Motor jumped to new six-year highs in June, driven by electric-car enthusiasm. Now after a long pullback, bulls may be taking the wheel again.
The first major chart pattern is the downward sloping trendline along the highs of June 4 and July 29. F challenged that line on Monday and Tuesday, then closed above it on Wednesday and Thursday.
This pattern may be important because F rallied in May and January following similar breakouts.
The recent consolidation also depressed Bollinger Bandwidth down to the lowest reading in a year. Will prices expand from such a tight volatility squeeze?
Next, the 8-day exponential moving average (EMA) is on the verge of crossing above the 21-day EMA. That may the suggest the shorter-term trend is getting more bullish.
Finally, the current level around $13.40 is potentially important. It was a high in January 2018 and last March. It also provided support for prices between mid-July and mid-August. Breaking through it could draw traders from the sidelines.
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The first major chart pattern is the downward sloping trendline along the highs of June 4 and July 29. F challenged that line on Monday and Tuesday, then closed above it on Wednesday and Thursday.
This pattern may be important because F rallied in May and January following similar breakouts.
The recent consolidation also depressed Bollinger Bandwidth down to the lowest reading in a year. Will prices expand from such a tight volatility squeeze?
Next, the 8-day exponential moving average (EMA) is on the verge of crossing above the 21-day EMA. That may the suggest the shorter-term trend is getting more bullish.
Finally, the current level around $13.40 is potentially important. It was a high in January 2018 and last March. It also provided support for prices between mid-July and mid-August. Breaking through it could draw traders from the sidelines.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
