Ford is in a very interesting pattern right now with resistance overhead at 8.96ish a place it has been struggling to break through for about a year now. It has slowly been making a low, hitting this level, bouncing off, making a higher low and proceeding to go through the process again. Because this has been the pattern in the past I would definately think that it would continue in the near future. As we can see in the chart, the stock bounced off of resistance and is coming down quite sharply. I believe it will find support around 8.35ish where it will resume its higher low pattern. Eventually, Ford will break through the tough line of resistance yielding a huge reward for those in the stock beforehand. The pattern is rather large so the breakout should be large as well.
That is all for now. Hopefully I will be back on to post again tomorrow and keep you updated about trades.
CM
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