Still Ford Tough

• Posted by Greg Harmon
• on January 13th, 2014

Back at the end of September I talked about Ford, $F, as a long term play here: Are You Ford Tough. One thing I noted as a potential short term issue was the bearish Shark harmonic that was completing. The pattern did complete and since October the stock has pulled back. In fact it retraced to the 38.2% Fibonacci retracement of the Shark pattern and is now moving higher again. You can see this on the weekly chart below. A move back above the 20 week Simple Moving Average (SMA), also roughly the 100 day SMA, will signal for me that the long term trade idea is back on the table.

If you want an intermediate target 18.96 is back to the prior high and 20.05 is the Measured Move above.

Don’t forget to download A Longer Perspective, my take on 12 broad markets for 2014 and beyond, for the price of a latte.

____________________________________________________________________________________________________

Want to learn more about Dragonfly Capital Views?

Dragonfly Capital Views Performance Through December 2013 Expiry and sign up here for the free 7 day trial before you pay.

If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

blog comments powered by Disqus