While the stock is down from the high, shares are still higher by 1.9% on Tuesday at last check.
That’s particularly impressive given that the major U.S. stock indices are down anywhere from 1.5% to 2.5% on the day.
Ford stock rallied as much as 4% on the day, with shares up for the fifth straight day. At today’s high, shares were up more than 15% during that stretch.
The stock got off to a strong start on the day following Ford's massive $11.4 billion investment in facilities for its electric F-150 and battery production.
Piper Sandler analysts are now out saying it will be the company’s “strongest quarter ever.”
For Ford, investors are hoping some of that bullish strength carries through as well.
Trading Ford Stock
A few weeks ago, I highlighted Ford’s breakout from downtrend resistance. After a quick pullback, shares have resumed the push higher.
While the 50-day moving average was resistance on the first test, Ford was able to reclaim this measure along with the 21-week moving average.
Now pressing higher on a miserable day in the markets, some caution may actually be warranted. The stock approached but didn’t hit the 61.8% retracement of the current range near $15.
Still, this morning’s opening push would certainly justify some profit-taking. From here it gets a little more difficult to navigate.
On the downside, keep an eye on the 21-week and the 10-week moving averages.
If those measures hold as support, we could look to retest this month's high. On a break below these measures, it could put the 50-day moving average in play, followed by a retest of the $12.75 level.
On the upside, keep an eye on Tuesday’s high of $14.73, followed by the 61.8% retracement. Above $15 and we could see a push back into the $16 to $16.50 area.