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Red line- support neckline
Blue line- trend line resistance
After respecting key support around $11 and bouncing towards our short-term target at $13.50, Ford stock price has now managed on a weekly basis to break above the blue downward sloping resistance trend line. Having respected the horizontal support at $11 combined with a break above $13.50, we have a sign of strength and reversal after more than a year under pressure. Next important resistance is the previous high at $14.65. A break above this level will also cancel the Head and Shoulders bearish pattern.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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