Last up is Detroit automaker Ford (F - Get Report). Like Intel, Ford spent the first part of the year in a downtrend, slipping double digits between February and the early summer. But this stock turned the corner in the late summer, starting on a pretty significant rally. And if it's on our list today, that means that there's a trade to be made here.
It's not just that Ford's been in a rally that's significant. The important part is the fact that Ford's rally has been orderly -- shares have been bouncing higher within a trend channel, a trading range that's bounded by trendline resistance to the upside and trendline support below shares. Even though the channel is only a couple of months old, trendline support is already showing its strength; it's halted a drop in shares the last five times it's been tested.
Momentum has been in an uptrend of its own for Ford, adding some extra confidence to the strength of this stock's rally. Since Ford's channel us trending higher, there are ample buying opportunities -- but the ideal time to buy comes on a bounce off of support. It's only a matter of time before Ford comes back down to test its support level, and when it does buyers should look to jump in after this stock proves it can still catch a bid there.The 50-day moving average has been a good proxy for support over the last couple of months -- that's where I'd keep a protective stop. To see this week's trades in action, check out the Technical Setups for the Week portfolio on Stockpickr.
Twitter and become a fan on Facebook. At the time of publication, author had no positions in stocks mentioned. Jonas Elmerraji, CMT, is a senior market analyst at Agora Financial in Baltimore and a contributor to TheStreet . Before that, he managed a portfolio of stocks for an investment advisory returned 15% in 2008. He has been featured in Forbes , Investor's Business Daily , and on CNBC.com. Jonas holds a degree in financial economics from UMBC and the Chartered Market Technician designation.