F finds buyers again around 5.16
Ford Motor Company (F) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
F finished Thursday at 5.25 losing $0.14 (-2.6%), strongly underperforming the S&P 500 (6.24%). Trading $0.29 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on Monday, F actually gained 23.44% on the following trading day. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (F as at Mar 26, 2020):
Thursday's trading range has been $0.49 (9.14%), that's slightly above the last trading month's daily average range of $0.45. 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.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
After having been unable to move lower than 5.12 in the previous session, Ford Motor found buyers again around the same price level today at 5.16.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for Ford Motor. Out of 477 times, F closed lower 52.41% 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 53.46% with an average market move of -0.44%.