Stock of the day: Ford
18 November 2024
In today's stock of the day, Ford Motor Company is worth a closer look as it remains locked in a sideways trend that began in July. The price has been fluctuating between a defined resistance level at $11.4 and support at $9.6. Recently, Ford's stock price has bounced off the resistance level, indicating that a move toward the lower support at $9.6 is more probable. This movement aligns with the broader bearish correction currently observed in global indices, which adds to the likelihood of a downward push.
Given these circumstances, I see a potential selling opportunity with a target set on the yellow support at $9.6. The current negative sentiment is reinforced by overall market trends and will persist unless the price manages to close above the orange resistance at $11.4. However, the chances for such a breakout are relatively low at this moment.