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BZ Chart Of The Day: If The Ford Rally Over?

They say that markets have memories. And if it’s true, there’s a good chance the rally in shares of Ford Motor Company (NYSE: F) may be about to end.
byMark Putrino
October 20, 2021
1 minute read
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They say that markets have memories. And if it’s true, there’s a good chance the rally in shares of Ford Motor Company (NYSE:F) may be about to end.

A market memory is a reference to a support or resistance level retaining its importance for an extended period of time. In the case of Ford, it may be the $16.25 level.

See Also: Ford Analyst Says ‘Significant Turnaround’ Is Underway At The Detroit Automaker, Upgrades Stock

In early June, shares of Ford ran into a wall of sellers when they reached $16.25. The rally ended, the stock rolled over and a downtrend followed.

Now Ford has reached this important level once again. If the market has a memory, there’s a good chance the stock hits resistance. This could pause or even put an end to the rally.

To learn more about charts, check out the new Benzinga Trading School.

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