Wednesday, May 17, 2023
Green lines- triangle pattern
Following our analysis on Ford stock price from May 8th, we see that the stock price is challenging the lower triangle support boundary of the triangle pattern it is in. Today price is bouncing off the triangle boundary confirming the importance of the support at $11.20. Short-term trend is bearish as price is making lower lows and lower highs for the last 40 days. There are increased chances of a bounce and short-term trend reversal from current levels. Support at $11.20 is key. Bulls need to defend it. Price justifies a bounce towards the upper triangle boundary at $12.55. Traders need to be cautious in case the triangle boundary is broken.
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