Technical Pulse: Ford Motor July 15, 2019 103

Support 1: 9.84                       Resistance 1: 11.00

Support 2: 9.32                     

 

Ford Motor’s bullish rise since the start of Jan 2019 has hit some flats recently. However, based on the technicals, Ford may be breaking new highs again for 2019. The V bottom reversal pattern and ascending triangle are the contributing factors for Ford to breaks its immediate resistance level at 11.00. Also, the consolidation before last Friday strong bullish candle is a clear bull signal as it maintains consolidation above the 22 and 50 SMA line.

Also, the 3rd wave of the Elliott impulse wave has yet to be completed and based on the Fibonacci extension of wave 1-2, the stock is believed to be edging higher toward the 200% extension level to complete wave 3.  

 

CHART LEGENDS

Red dotted line = 200 period moving average

Blue dotted line = 50 period moving average

Green dotted line = 200 period moving average

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Profile photo of Chua Wei Ren

Chua Wei Ren
Technical Analyst
Phillip Securities Research Pte Ltd

Wei Ren specialises in Technical Analysis and has 9 years of experience in studying classic technical price action. He also study and research extensively on Elliott wave theory, Dow Theory and Supply & Demand strategies as he believes that history plays an important role in how the market is reflected in the future.

He graduated with a Bachelor of Economics and Finance from University of Murdoch.

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