Red line- support
Blue line- resistance
Ford stock price is trading around $12.61. In our previous analysis when price was bouncing off the key horizontal support of $11 we mentioned that we should expect the bounce to at least reach the resistance of $13.70. Price this week made a high very close to the resistance trend line at $13.50 and got rejected. Price remains below the key resistance trend line that has already provided two major pull backs towards $11. A break above the blue trend line would be a bullish signal for Ford stock. This week's candle with the long upper tail is not good for bulls. If next week price remains under pressure, we should not be surprised to see it reach $11 again.
