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5 Breakout Stocks to Buy on This Bounce

Ford Motor Company

Ford Motor (F - Get Report) is showing a very similar setup right now -- it's just not quite as far along.

The double-bottom pattern in Ford is a lot like the one in BofA, but it's a longer-term setup, and it's still below the breakout level at $10.85 that provides a buy signal for this trade. It's entirely possible that we'll see that buy signal happen in Thursday's session. Remember though, until shares of Ford push above that $10.85 level, this isn't a high probability trade.

Here again momentum is adding some confidence to the likelihood of this setup. RSI broke the long-term downtrend that it had been in since back in January, a sign that prices for Ford are finally rising at an increasing level. If you decide to take the Ford trade, I'd recommend placing a protective stop just below the $10 mark.

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