Buying Area - $9.60 - $10.30
Target Area - $11.40+
Stop Loss - $9.20
Price action may drop down to the "Parallel neckline support" before making a run for the Neckline
This may be a longer term setup
Correlation : 96 %
Co integration : 70 %
LONG F (GREEN) @ 9.63
SHORT GM ( RED) @ 21.87
AVG TRADE LENGTH : 12 DAYS.
WINNING % : 66.67 % ( based on past two year back testing)
Broken neckline at $10.00. Price coming back up to retest neckline... on failure losses should accelerate, on a break/close above neckline, further consolidation possible in the $10.00 to $13.00 range.
Stock traded in the range a few times. Then support line was broke. Now we are testing this support line as a resistance, I think we are go to the $10.50.
Ford shares have just formed “Golden Cross” indicating more bullish days to come. Las time the indicator RSI closed next to support line it indicated buying signal. Now we are in a familiar situation, which supports the share price to reach next resistance level above $14 or some 15% upside potential.
