Upside Projections for Ford
Mid-Day Minute for Wed May 26th 2010
by Mike Paulenoff, www.MPTrader.com
by Mike Paulenoff, www.MPTrader.com
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Looking at the hourly chart on Ford (F) since April 23, we can make the case technically that the recent spike lows at 10.14 and 10.40 represent a near-term double-bottom. This morning Ford broke above key resistance at 11.35/45 and continued higher, which has confirmed the near-term, base-like pattern, and which triggered upside projections into the 12.20/40 area next.
Let's notice that a powerful down trendline off of the April high cuts across the price axis today at 11.85/90. If hurdled and sustained (above 11.90), Ford should run towards 12.20/40 quickly.
