Nearest Support: $10.60
Catalyst: Q3 Results, Mulally News Shares of Ford Motor Co. ( F) are swinging in a wide range this afternoon following a barrage of fundamental data and news that the firm's CEO, Alan Mulally, will stay on at the Detroit automaker through 2014. Ford booked the best October car sales in more than a decade this morning, prompting more buying after yesterday's earnings release launched shares more than 7.7% in yesterday's trading session. While shares are giving back a bit today, they're not at risk of reversing those gains. Ford's earnings sparked a big gap higher at yesterday's open, sending shares through previous resistance at $10.60 -- now, that price is acting as a support level for shares. While that breakout makes Ford buyable here, shares are still a lot closer to their next resistance level at $11.20 than they are to that support level; that means there's a lot of risk in buying now. I'd recommend waiting for that risk to diminish before jumping onboard.