Ford Motor Company (NYSE:F) Stock Is Not Just Hot, It’s On FIRE!
Ford Is Burning Up The Weekly Chart Too, Click To Enlarge
Potentially the most exciting automotive story in recent history, Ford stands out as a shining star against a dark horizon. Company shares have blistered daily, weekly, and monthly charts. After bulls took a nap through April and June, they are firmly back in the drivers seat disregarding any speed limit signs they pass by.
There are a couple critical technical points that should be pointed out. On the weekly chart, the last time stochastic came out of oversold, Ford’s stock gained around $2.50 dollars per share. Currently, this time around from coming out of an oversold level, shares have risen around $2.00 in valuation. Taking on a different perspective with stochastic, discounting coming back out of overbought, shares managed to gain around $12.00 to $13.00 dollars.
It does not stop there, take a look at MACD. The last time there was a cross on MACD, “F” stock managed to make a bullish drive north for around a $5.00 dollar gain. Currently, MACD is poised for another cross while momentum remains at its current level. Technical figures such as these tend to increase in accuracy and stability the higher the time frame of a chart.
Ford has also had its stock reiterated as a “Buy” from analysts at Merrill Lynch/ Bank of America Corporation (NYSE:BAC), while JPMorgan Chase & Co. (NYSE:JPM) raises EPS forecast on Ford to $2.00 for the immediate future. As well, an analyst at UBS (NYSE:UBS) increased their target price on Ford to $17 dollars, raising the bar by $2.00 from a previous $15.00 target price. Shares of Ford Motor Company (NYSE:F) last opened at $12.82 and increased in value for a daily gain of 1.73 percent, managing an intraday high of $13.15 before closing the day up at $12.94 per share.