Almost Everyone Has Given Up on Ford, but This Chart Says a Surprising Reversal In Its Stock Is Near
It could be time to cheer up, Ford (F) shareholders. The year has been a tough one for Ford as it has dealt with a lack of love on Wall Street and more recently, an overhaul in its executive suite. Since the…
From the USA News Group archive. This article dates from Jun 6, 2017 and is preserved as first published.
It could be time to cheer up, Ford (F) shareholders.
The year has been a tough one for Ford as it has dealt with a lack of love on Wall Street and more recently, an overhaul in its executive suite. Since the start of the calendar year, the automaker’s stock has shed nearly 7% of its market value, trailing the S&P 500 by about double that. Thing is, Ford’s price trajectory could finally be about to change (in the short-term, at least). Shares are working on carving out a near-term bottom believe it or not.
The year has been a tough one for Ford as it has dealt with a lack of love on Wall Street and more recently, an overhaul in its executive suite.
Ford shares fell 0.5% early Monday to $11.29.
The pattern in play right now for Ford is an inverse head and shoulders pattern, a bullish reversal setup that signals exhaustion among sellers. The pattern triggers a buy signal with a push through $11.20. It’s worth noting that a breakout above $11.20 would also coincide with a break through the downtrend that’s harangued Ford’s share price since mid-March.
That’s extra evidence that buyers could be building strength here.
