Hey everyone, using some simple support and resistance analysis, along with trend analysis we can take a look at a potential reversal point for Ford.
To start off, Ford has been getting crushed in this downtrend for 6 years. The downtrend could be reaching its dying breath as it approaches this support line that has been tested a few times before.
Ford hasn't dropped below this support line except for the 2008 crash giving it credibility. The neon green box is where I believe the asset will be at a great buying point. That being said, it still needs to make its way down to that green box. Expect some normal continuation of this trend before a breakout. (Indicated by the red arrows)
As for price target, the former resistance line that comes first would be a conservative sell. The 200EMA resistance would be the ideal target if your risk appetite allows for it.
Also something I found interesting is the pink midline, notice the amount of times price has respected that midline, and has sort of used it as a form of support/resistance. Similar to Bollinger Band midlines, just something to keep in mind, does not really effect the overall picture.
I am going to label this idea as bearish since it has to come down to the zone.
To start off, Ford has been getting crushed in this downtrend for 6 years. The downtrend could be reaching its dying breath as it approaches this support line that has been tested a few times before.
Ford hasn't dropped below this support line except for the 2008 crash giving it credibility. The neon green box is where I believe the asset will be at a great buying point. That being said, it still needs to make its way down to that green box. Expect some normal continuation of this trend before a breakout. (Indicated by the red arrows)
As for price target, the former resistance line that comes first would be a conservative sell. The 200EMA resistance would be the ideal target if your risk appetite allows for it.
Also something I found interesting is the pink midline, notice the amount of times price has respected that midline, and has sort of used it as a form of support/resistance. Similar to Bollinger Band midlines, just something to keep in mind, does not really effect the overall picture.
I am going to label this idea as bearish since it has to come down to the zone.