Ford Motor Co.
It's been the opposite situation lately at Ford Motor Co. (F) -- the Detroit automaker has been rallying hard since the end of July, most recently breaking out above an ascending triangle pattern to new 6-month highs. Even though Ford gave back 3% and change yesterday, there still a buying opportunity in this stock...
Ford sported a runaway gap after breaking out of its triangle pattern, which meant that very few traders were able to jump onboard when the breakout happened. The throwback in shares is giving buyers a second chance at a low-risk entry.
Even though a throwback means that shares are sliding, it's a positive thing for shares of Ford because it gives the stock a chance to confirm newfound support above its $10.50 breakout level. I'd expect Ford to make a higher swing low off of yesterday's bottom -- aggressive traders should buy the bounce today, but I'd recommend risk-averse traders wait for Ford to prove it can catch a bid above Tuesday's close before jumping onboard.
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