Ford Shares See Slight Correction Thursday: Technical Levels To Watch

Ford Technical Levels To Watch: The 5-minute chart above shows that the stock has been trading in a channel in recent days.

The chart has shown to have some support at the $12.40 level. This area was a previous resistance that retested as support and held later in the short-term chart.

The chart is also showing that the $13 level has previously held as resistance. This level could hold as a future resistance level.

Short-term bullish technical traders would like to see the $13 resistance level break with some consolidation above the level before the price makes an upward move. 

Short-term bearish traders would like to see the stock fall below the support level with some consolidation before a further downward push occurs.

Watch: a recent discussion on Ford on Benzinga's "ZingerNation" YouTube show. 

The daily chart shown above displays the price trading in a channel. The stock was previously building higher lows into the resistance level near $12 before it broke above the level.

A technical trader may call this an ascending triangle pattern. Now the stock looks to be holding this level as a possible support. The next potential resistance may be near the $13 level, as this is the new high.

See also: How to Buy Ford Stock

Bulls would like to see consolidation above the $12 level before the resistance level of $13 eventually may break. Bears would like to see the price fall through the $12 support level with consolidation below before the price may fall further.

Ford is trading with a market cap of $50.9 billion.

Photo of Ford headquarters by Dave Parker via Wikimedia.