Description: After an impulsive move the chart of Ford has formed a bull flag and is now at a support level. The end of the correction at 15.50$ will be used as entry and the 14.76 level as stop. The long scenario is also supported by the fact that the volume decreased during the correction. The ATR Stop 4 hour chart can act as a guide for the stop-management.
Do you think It will actually find support there? Looking at the 5 year, to me it seems like it could go all the way down to 13.5-14 before going to the 20s
Cape-Peninsula-Capital
⋅
@malanoskirower, I think that the 14.50 level and the 13.50 level will generate support as they also correspond with certain Fib. retracements. But when I trade a bull flag I always us a entry which is at the same time the end of the trend of the correction. I will give a update when the idea is not valid anymore. Good luck!
malanoskirower
⋅
@Cape-Peninsula-Capital, Regardless, it being down this low in the premarket I am definitely going to pick up a few calls for next week