A bumpy road ahead for Ford
It’s been a long and bumpy road back for Ford, but at least last week’s price action and associated volume appear to have laid the foundations for a recovery for the beleaguered stock as the weekly chart now presents a classic longer-term accumulation phase. That said, the road to recovery is still littered with obstacles which are likely to make progress slow and stately, with the first of these now on the horizon with the blue dashed line of price resistance at $10.80 awaiting. Above this at $11.00 sits the volume point of control denoted with the yellow dashed line and representing the deepest concentration of transacted volume on the weekly chart, so we can expect the stock to congest at this level. From there, $11.50 is the next key region with further price resistance in place and repeated again at $12.30, but if both of these are taken out, the dizzy heights of $13.40 and beyond await supported with low volume nodes on the vpoc histogram.
And to confirm the change in sentiment for the stock, the trend monitor has transitioned through to bullish blue also.
By Anna Coulling
Charts from NinjaTrader and indicators from Quantum Trading
Source: https://www.annacoulling.com/stock-trader-tips/a-bumpy-road-ahead-for-ford/
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