F closes within prior day's range after lackluster session
Ford Motor Company (F) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
F finished the week 0.12% higher at 8.43 after gaining $0.02 (0.24%) today on high volume, slightly underperforming the S&P 500 (0.5%). Trading up to $0.05 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on March 8th, F gained 2.26% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (F as at Mar 15, 2019):
Friday's trading range has been $0.10 (1.19%), that's far below the last trading month's daily average range of $0.18. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for F.
After moving lower in the previous session, the share managed to close higher but below the prior day's open, forming a bullish Harami Candle. Additionally, one bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
Ford Motor shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Selling could accelerate should prices move below the nearby swing low at 8.34 where further sell stops might get triggered. Further selling could move prices lower should the market test February's close-by low at 8.16.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Although it is usually interpreted as neutral, it has actually shown to be bearish for Ford Motor. Out of 722 times, F closed lower 49.58% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 51.39% with an average market move of 0.17%.