Stock of the day: Ford

By Tomasz Wisniewski|

Published: June 09 2023, 16:35 GMT+0

Stock of the day: Ford

After slightly more than a week, I owe you the analysis of Ford, which I previously mentioned on the 29th of May. Back then, the price was really low, but I saw the first signs of optimism on the chart. This is how I concluded my previous piece:

“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.”

That breakout was indeed a move in the right direction and an important step towards a positive sentiment. Two days ago, on Wednesday, the price managed to break the upper line of the triangle, which, as a consequence, brought us a major and more significant signal to go long. With all that, the sentiment on Ford is positive and will stay this way as long as the price stays above the triangle. Price coming back inside would cancel all the optimism, but chances for that are now limited.