Daily Stock Report

Ford Motor Company - (F) - October 23, 2020 

Ford Motor Company (F) returned to the Green Favored Zone in the SIA S&P 100 Index Report yesterday after climbing eight spots. With the exception of a brief visit in June, Ford had been out of the green zone since December of 2013 spending most of the last seven years stuck deep in the red zone.  

A major breakout is underway in Ford Motor Company (F) shares which completed a bullish Ascending Triangle base with a move up over $7.50, also signaling the start of a new uptrend. Next potential upside resistance appears at a downtrend line near $8.75, then a measured $9.25, and the $10.00 round number which coincides with a previous resistance. Initial support moves up to the $7.50 breakout point from $7.00.   

Earlier this year, Ford Motor Company (F) shares broke out of a base by completing a bullish Spread Quadruple Top pattern. Following an initial recovery rally, the shares consolidated in a higher range for a few months and now have broken out to the upside once again. This week’s breakout over $7.50 has completed a bullish Spread Double Top pattern, signaling the start of a new upleg and confirming that a previous downtrend has been broken.

Horizontal counts suggest next potential upside resistance may appear near $9.20 and then near the $10.00 round number. Initial support appears in the $7.50 to $7.70 range between a previous breakout point and a 3-box reversal.   

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

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