In Oct 2020, Ford installed a new CEO, Jim Farley. Farley plans to reshape the American auto manufacturer. Under his leadership, they have unveiled multiple new EVs, including an electric F-150. This new leadership has brought the stock price out of a six-year decline.
Recently, Ford has been in a down-channel correction. This extended correction has provided an opportunity to open or increase positions. Price action on Sep 23 showed a break out of the down channel. On Sep 24, price action produced a possible reversal shooting star candle. However, the proportions of the candle were not quite right to make a shooting star, and today's price action has confirmed the breakout.
Looking at ADX and RSI, we also see confirmation of the breakout. The daily ADX shows DI+ greater than DI-. RSI on the daily time frame shows a positive trend and is below 70. RSI on the weekly timeframe advises caution. It shows that the correction lost momentum around 50. Whether this bounce holds on the weekly RSI is still undecided.
Recently, Ford has been in a down-channel correction. This extended correction has provided an opportunity to open or increase positions. Price action on Sep 23 showed a break out of the down channel. On Sep 24, price action produced a possible reversal shooting star candle. However, the proportions of the candle were not quite right to make a shooting star, and today's price action has confirmed the breakout.
Looking at ADX and RSI, we also see confirmation of the breakout. The daily ADX shows DI+ greater than DI-. RSI on the daily time frame shows a positive trend and is below 70. RSI on the weekly timeframe advises caution. It shows that the correction lost momentum around 50. Whether this bounce holds on the weekly RSI is still undecided.
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