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.
Red dotted line = 200 period moving average
Blue dotted line = 50 period moving average
Green dotted line = 200 period moving average