Stock of the day: Ford Motor Company

By Tomasz Wisniewski|

Published: December 01 2023, 06:26 GMT+0

Stock of the day: Ford Motor Company

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Ford Company’s recent market performance indeed presents a significant point of interest for investors and traders. The technical breakdown in October, marked by the price plunging below the crucial $11 support level, green on the chart, signaled a robust bearish momentum. This move initiated a sell-off, pushing the stock into a period of lateral movement throughout November.

The key observation here is the buyers’ failed attempt to reclaim the $11 mark towards the end of November. This resistance level, once a support, now acts as a formidable barrier to any upward movement, emphasizing the ongoing bearish sentiment. The rejection at this level, combined with a downturn from the mid-term descending trendline (red), reinforces the negative outlook.

As long as Ford’s stock price remains under the confluence of these two technical factors – the $11 resistance and the descending trendline – the bearish scenario remains dominant. Traders and investors will be closely monitoring the $9.6 support level (orange), representing the recent lows seen in October and November. A breach of this support could potentially lead to further downward pressure, making it a critical juncture to watch in the upcoming trading sessions.

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

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