Inverse H&S on Ford should be completed early this week
S&P Futures just opened this Sunday afternoon about 40 points up, based on results from the meeting between USA and China at the G20 Summit.
Beta of Ford Stock is 0.7229, and S&P Futures are currently up 45.50 points (1.65%) from Friday's session close. Of course, we will keep an eye on /ES futures as they continue to trade up until the market open tomorrow, but I doubt they will detour much from this monster open we are seeing.
Beta multiplied by overall S&P movement: 0.7229 x 1.65% = 1.1927%
Ford stock closed at $9.41 on Friday, so 1.1927% x $9.41 = $0.11. Thus, Ford stock should open in the pre-market at a default $0.11 higher than its Friday close of 9.41, which would be 9.52 minimum.
At $9.52+, Ford stock will be very close to completing the pattern shown. Upon completion, long position should be entered with a stop loss set at the bottom of the right shoulder and take profit should be set to the height of the head.
None of this considers actual details or agreements made during the G20 summit. It simply shows the chart pattern (as it is forming) and the price levels compared to the greater market.
Beta of Ford Stock is 0.7229, and S&P Futures are currently up 45.50 points (1.65%) from Friday's session close. Of course, we will keep an eye on /ES futures as they continue to trade up until the market open tomorrow, but I doubt they will detour much from this monster open we are seeing.
Beta multiplied by overall S&P movement: 0.7229 x 1.65% = 1.1927%
Ford stock closed at $9.41 on Friday, so 1.1927% x $9.41 = $0.11. Thus, Ford stock should open in the pre-market at a default $0.11 higher than its Friday close of 9.41, which would be 9.52 minimum.
At $9.52+, Ford stock will be very close to completing the pattern shown. Upon completion, long position should be entered with a stop loss set at the bottom of the right shoulder and take profit should be set to the height of the head.
None of this considers actual details or agreements made during the G20 summit. It simply shows the chart pattern (as it is forming) and the price levels compared to the greater market.
Comment:
With a daily ATR of about $0.25 and pretty flat movement in the recent week, the striking range of Ford into the high $9's and $10's also makes this very worth watching.
Comment:
S&P futures down 40 points right now... not good
Trade closed: stop reached:
Apparently the entire market is collapsing so this stock is struggling to fulfill its pattern. This is the 1 out of 20 times something like this happens, oh well!
Comment:
10-3-0