Business Chart of the Day: Is the Ford Rally Over?

Ford Motor Company' logo is seen on the side of the building at the unveiling of their new electric F-150 Lightning outside of their headquarters in Dearborn, Mich., on May 19, 2021. (Jeff Kowalsky/AFP via Getty Images)

They say that markets have memories. And if it’s true, there’s a good chance the rally in shares of Ford Motor Company may be about to end.

A market memory is a reference to a support or resistance level retaining its importance for an extended period of time. In the case of Ford, it may be the $16.25 level.

In early June, shares of Ford ran into a wall of sellers when they reached $16.25. The rally ended, the stock rolled over and a downtrend followed.

Now Ford has reached this important level once again. If the market has a memory, there’s a good chance the stock hits resistance. This could pause or even put an end to the rally.

By Mark Putrino

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