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Ford Motor Co - (F) - June 29, 2023

Auto stocks have been attracting renewed interest recently. Ford Motor Company (F), for example, has soared up the rankings in the SIA S&P 100 Index Report this month exiting the red zone where it had been stuck since last September, and returning to the Green Favored Zone.

Yesterday Ford finished in 22nd place, up 7 spots on the day and up 59 positions in the last month. After spending six months stuck in a sideways trading range base building, Ford Motor Company (F) has come under renewed accumulation this month, rallying up from its channel bottom near $11.00 and breaking out over $14.00 for the first time since September to signal the start of a new recovery trend. Additionally, the 50 and 200-day moving averages have completed a bullish Golden Cross, confirming an upturn in trend.

Initial upside resistance may emerge at the August 2022 high near $16.00, followed by $17.00 based on a measured move, and the $20.00 round number. Initial support appears at the $14.00 breakout point.

Ford Motor Company (F) has come under renewed accumulation this month, with a Spread Triple Top and the snapping of a 45-degree downtrend line completing a period of base-building and signaling the start of a new uptrend.

A horizontal count suggests initial resistance may emerge near $16.40, followed by the $20.00 to $20.75 area where a round number, previous column high and horizontal count converge. Initial support appears near $13.40 based on a 3-box reversal.

With a perfect SMAX score of 10, F is exhibiting strength across the asset classes.

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