Approaching Resistance: Ford
Published on Tuesday, 12 June 2012 06:36 Written by TradersHuddle Wire
New York, June 12th (TradersHuddle.com) - Shares of Ford Motor Company (NYSE:F) are trading very close to calculated resistance at $10.78. The stock ended the trading session at just $10.45, which is near levels that make it difficult to buy or start a position.
Ford Motor Company (NYSE:F) designs, manufactures, and services cars and trucks. The Dearborn, MI based automaker sell its vehicles under the Ford, Mercury and Lincoln brand names. Through its subsidiaries it offers lease and financing as well as auto parts with its Motorcraft brand.
Ford's stock range is defined by its calculated support defined at $9.91 and by the resistance level at $10.78; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for Ford. However, as the stock pulls back towards $9.91 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $10.78 then traders will get an opportunity to enter the stock as it moves to a higher range.
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