F unable to break through key resistance level
Ford Motor Company (F) Technical Analysis Report for Mar 25, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, F ended Wednesday at 5.39 gaining $0.44 (8.89%) on high volume, significantly outperforming the S&P 500 (1.15%).
Daily Candlestick Chart (F as at Mar 25, 2020):
Wednesday's trading range has been $0.75 (13.0%), that's far above the last trading month's daily average range of $0.44. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for F.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on March 11th, F lost -9.32% on the following trading day.
Unable to break through the key technical resistance level at 5.80 (R1), the share closed below it after spiking up to 5.87 earlier during the day. The failure to close above the resistance could increase that levels importance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Ford Motor. Out of 291 times, F closed higher 53.26% of the time on the next trading day after the market condition occurred.