I have no position in Henry Ford’s pride and joy yet, but on strength I think this is an excellent quick bounce play in terms of risk/reward.
Note on the daily chart below how the stock stabilized at the 150 day moving average (an often overlooked reference point). Beyond that, after a steep downtrend we have seen a hammer plus inverted hammer candlestick pattern, which often denotes an imminent reversal. On strength, along with the broad market holding what looks to be an opening gap higher, I like the letter F as a bounce play up to $16 and above, with a relatively tight stop loss below $14.35.
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Using the June lows and the January highs as reference point……the 50% fibonacci retracement comes in right around 14.45-14.50 as well so there’s another piece of evidence to support your bounce play. (the lows of past couple sessions have been 14.5)
nice chess. i bought this yesterday .. looking ahead the pattern becomes a inverted h&s pattern with a target right at the gap fill. coincidence ? i think not.
I looked at F, but even on a bounce to me it looks like it wants $13.50 ish to finish the down move. Everyone gets an opinion, right? I’ll hold off for lower prices, personally. Heck even GM is down in the toilet at the moment.