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LeLaf
Nov 23, 2021 1:43 AM

F: Bullish Flag (39%) ascending triangle (37%) Long

S&P 500 Consumer DiscretionarySP

Description

Ford Motor company is currently building into a bullish flag on the daily with possible price target of 28.50$. It is not confirmed yet and may run into some difficulties for the two following reasons:

1- The weekly chart is showing a resistance level at 22$. This is the price target level of the fully filled ascending triangle. Once fully filled, price may reverse.

2- Ford is part of the Consumer Discretionary sector. This sector is also at the price target (1700$) of fully filled ascending triangle. This new price target could act as the new resistance and reverse the trend.

If the 22$ resistance is broken on the Ford graph, and the 1700$ resistance is broken on the sector chart, this could help fill the daily price target.

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