Stock of the day: Ford

In today’s Stock of the Day, let’s take a look at the weekly chart of Ford, where the beginning of March brought a major technical development. The price initially dropped sharply, touching new long-term lows, but then staged an impressive comeback. The result? A beautiful hammer candlestick on the weekly chart.

What makes this setup especially interesting is the location of the hammer. The lower wick tested a key horizontal support area marked with green, but by the end of the week, the price closed well above it. This creates a textbook bullish reversal pattern.

As long as Ford holds above that green support zone, the sentiment here shifts to positive. Buyers finally have some control, and this could mark the beginning of a mid- to long-term recovery.

Source: https://www.axiory.com/analytics/stock-of-the-day/stock-of-the-day-ford-12