If you followed this blog in November/December you will remember my chatter about Ford stock. At the time Ford flirted breaking a key price level to the downside at $15.50.
Of course looking back the stock ended up putting in a good support level right there and rallied higher. I got stopped out of the short for a small loss and as the stock broke resistance at $17 I flipped to the long side for the next $1.
Looking at the chart today again brings up a potentially juicy trading opportunity to the downside. It looks like F might have put in at least a medium-term double top on Jan 13 and 27 near $19.
Today the stock gapped down at the open after Ford released earnings and the stock is off almost 10% and looky here…it's sitting right at $17 as of this writing.
The selloff today is on strong volume and the $17 level is not only horizontal support but also the 50 day moving average. F has't traded below its 50 dma since early September and with today's price action to me looks like Ford could slice through $17 with a target at $15.50.