After peaking just above $13 on Dec. 9, Ford Motor (F) - Get Report stock has been struggling. Key support areas near the previous month's highs have failed to attract dip buyers.

Ford stock appears headed lower now that the $12.50 area has been easily taken out. For patient Ford investors, lower entry levels may just be ahead.

Both General Motors  (GM) - Get Report and Ford have been showing signs of exhaustion since mid-December. GM is also in pullback mode, but is holding above support.

Ford is certainly more suspect this shortened holiday week. Overhead pressure is building above Ford, and will likely gain strength in the near term.

For patient investors, standing aside may prove wise. If the stock continues to drift down toward the $12 area and is able to base, a much lower-risk entry will develop vs. current conditions.

This key support zone includes the stock's Brexit panic low as well as the August and September bottoms. A clear takeout of this zone, similar the easy slip below the September, October and November highs, would be a clear warning signs that investors should remain on the sidelines.

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This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.