Ford's stock encounters bearish intraday pressure, begins new week of trading after three weeks of consecutive losses
Ford Motor Company (NYSE:F) stock has began the week with a high over Friday’s close within the first half hour of Monday’s NYSE trading session. However, since then the overall trend has been down. Volume began building up at 11:43 A.M. Eastern as “F” stock fell through intraday support of $11.50 and lasted for two minutes with increased bearish momentum, briskly dragging shares of Ford down until a slow retrace began three minutes later. This has been the largest amount of selling pressure through the trading day so far approximately as of 1:00 P.M. Eastern, and now the intraday trend has been predominately trending sideways during an afternoon consolidation period.
Last week on Friday, Ford’s stock managed to reclaim a price gap that was created on the open of August, 24. On Thursday, shares retraced into this price region but was not able to refill completely the gap before trading ended for the day. There is still one daily chart gap that was formed on the morning of August, 11.
Ford has been unable to close a week for a gain three consecutive times now. This trading range is defined with a high of $13.12 seen three weeks ago, to a low of $10.95 observed just last week. There is a conflict with stochastic on the weekly and daily charts, on the weekly stochastic is still falling from overbought while for the daily, shares are rising out of oversold.
Potential for channeling and a consolidation period is heightened, and the last day of trading saw a large trading range that takes increased price action volatility to surpass. This range was the largest seen in over a month, today Ford opened near the top of it and failed to capitalize on getting above it.