Ford Motor Co (F) was one of the biggest winners at the start of the year. The stock topped out on January 13, 2022 at $25.87 a share. Since that top, the shares have sold off and currently trade around the $17.75 area. Traders should note that the stock is now consolidating in a sideways pattern and this indicates further downside. The stock is also trading below the important 50-day moving average and that is another sign of weakness in the near term.
The next major support level for Ford Motor Co (F) stock will be around the $15.00 level. This key support area is where there is a major retrace from the 2020 lows to the 2022 top. It is also an area where the stock was defended and broke out in October 2021. These important chart factors should lead to very solid buying opportunities when this major support aea is tested.
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