Don't Ignore This Chart!

Two Steps Forward and One Step Backward for Ford


Ford is making a big statement today with a successful test of the 200-day moving average and a break above the mid May high. The chart shows Ford (F) surging in February for its first breakout at 12. After exceeding 13.50, the stock retraced 50-62% with a pullback to the 12.25 area. A higher low formed as Ford again surged and forged a higher high in April. The subsequent pullback again retraced 50-62% of the April advance and the stock bounced the last four days. With higher highs and higher lows, there is a clear two steps forward and one step backward sequence over the last few months. This amounts to an uptrend and this uptrend is confirmed with the key moving averages. Chartists can mark first support at 13. 

Thanks for tuning in and have a great day!
--Arthur Hill CMT

Plan your Trade and Trade your Plan

Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London. Learn More
Subscribe to Don't Ignore This Chart! to be notified whenever a new post is added to this blog!
comments powered by Disqus