Stock of the day: Ford
29 May 2023
On Friday, stocks reversed sharply and, as you may expect, there is currently quite a bunch of promising occasions to buy on the market. One of them is Ford who is currently bouncing off the key support with chances to climb significantly higher.
Since the middle of February 2022, Ford had been moving inside of the symmetric/descending triangle pattern (black). As is always the case in a triangle, the volatility was decreasing to the point where the price was moving only to the right, not up and down. In May, the price was applying constant pressure on the 11.2 USD support (green) and on Friday, it finally bounced off the support with proper determination and momentum.
The rise enabled the price to break the mid-term down-trendline (blue) who had been limiting the price since this February. With that, the sentiment is positive and the current base scenario is the price climbing higher towards the upper line of the triangle. The chances of getting there are quite high and thus my view on Ford is currently bullish.