December 16, 2012

  • Ford Motor weekly chart at crucial weekly resistance levels
  • Price near Weekly cloud, Ichimoku cloud and Resistance line and 100 Week SMA.
  • For a bigger up move week must close above these resistance levels. Further weakness at the current levels will favor ford bears.
  • Daily Chart shows strong support at 81 levels as 20, 50 and 100 SMA's converge at this level.
  • Weekly chart shows a bearish pin bar pattern But price managed to stay above 20 Week SMA. More falls if price falls below 20 Week SMA.
  • Daily MACD is also looking weak but need price to stay below 81.04 levels. Strength only if price stays above 83.8


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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore