Stock of the day: Ford

Ford’s stock on the American Stock Exchange is presenting an interesting bullish setup on the weekly chart. Last week ended with a notable reversal pattern, forming a long lower wick on the weekly candle. This classic hammer candlestick, highlighted with a blue rectangle, is a well-known signal of potential bullish reversal when positioned correctly.

In this case, the hammer appears on a critical yellow horizontal support line, representing the lows from June and October. This confluence of technical factors strengthens the bullish case, as the price bounced precisely off this key support level.

As long as Ford remains above this yellow support, the sentiment is positive. The target for this potential upswing is the orange horizontal resistance, where sellers could reemerge. However, price breaking below the yellow support would negate this bullish scenario and could lead to further declines. For now, though, the setup appears favorable for buyers.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-ford-10