Here we can see how important this area is ( 13.69 - 13.86 ). Also notice how the drop early this year ( 2016 ) did not exceed the August 2015 sell-off.
It seems like F is respecting Fib levels quite well on the weekly chart. Looking for a weekly close that confirms a move towards a higher target ( T1 = 14.57 USD ).
This is the kind of short that I like: the downtrend was defined by the breakdown of a important support level last week and now the market test this same level as resistance, forming a gravestone doji.
I expect the price to resume the downtrend seeking the last bottom at 15.15 and even beyond that level.
Change my mind if the price breaks the resistance level at 16.09.
Ford running out of steam on this current push.
Potential for quick short down to $15.57 area.
Entry = $16.25
Exit = $15.57
Stop/Loss = $16.56
Gain of $0.68 per share.
MACD tight on spread, potential to cross soon.
RSI and UO have NOT confirmed divergence, yet.
No confirmation in signals yet.
No volume either.
Wait until confirmed down trend.
If breaks current...
Drop from double top at july 2014 after geopolitical issues, ford hit by multiple problems. especially on cost.
third-quarter profit 34 percent drop in, and revenue fell will push ford into lower teritory.
The next problems is wheater, and it will bring make more damage to ford.
Bearish target at 12.30
#Ford $F is looking for support, Weekly indicate bearish candle formation, and expecting to see $15. but first support will be $16.5 area. I am planning to ride the bear on its swing retracement.
