Shares of Ford (F) - Get Report  were hitting some rocky terrain on Tuesday, closing lower by 1.25% at $9.42 per share.

The decline leaves Ford stock hovering above a key support level on the chart, forcing many investors to wonder whether even lower prices may be on the way.

Thrusting the stock into reverse is Moody's decision to downgrade Ford's credit to junk status.

"We have plenty of liquidity to invest in our compelling strategy for the future," Ford said in a statement, adding that the company has a strong balance sheet and underlying business.

Equity investors did their best to bid up Ford stock, as it closed well off the lows of the day. And even though it's still down, the rally from the lows in the face of a down market is something to take note of.

Let's look at the charts.

Trading Ford Stock

Daily chart of Ford stock.

When it comes to its peers, both General Motors (GM) - Get Report and Fiat Chrysler (FCAU) - Get Report are down about 1% on the day. Neither the news from Ford nor the broader market selling pressure is helping either one of them today.

A quick glance at the daily chart for Ford shows the 200-day moving average acting as resistance on Tuesday. That's a day after shares were rejected by the 50-day moving average.

Traders who want to keep it simple with Ford can look at it like this: Long over the 50-day and neutral/short below the 200-day. Above $9.60, and $10.30 is on the table. Below $9, and $8.60 is in the cards.

Weekly chart of F stock.

On a longer time frame, we can see a few more significant levels. For instance, the $9.20 to $9.25 area has been stout level of support for years -- with the exception of July 2018 through April 2019. Further, there's uptrend support (blue line) to consider near this mark as well.

If F stock can hold up above this $9.20 level on a weekly basis and rally next week, it increases the odds of another test of the 50-day moving average. Below it increases the chances it heads to $9 and possibly lower.

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