Ford: finding renewed bullish momentum?
After losing ground since its three-month high earlier in June, Ford appears to have found a higher low, pointing towards a potential move higher.
Ford looks poised to rally, having managed to halt the losses seen for most of June. After rallying to a three-month peak by early June the price then reversed, losing 27% in two weeks.
However, the price appears to have found support at the 100-day SMA ($5.92) and has begun to push higher. If it can rally from here then it will have established a new higher low, another bullish signal after the higher high earlier in the month.
Traders should also watch out for bullish crossovers in daily stochastics and MACD, with the former likely to trigger first. This would be the first bullish crossover since early May for stochastics, while the last MACD bullish crossover was at the low in March. Further gains target $7 and then $8, with the bullish view negated if the price drops below $5.50.
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