Could Ford's New Hire Who Once Worked At Apple And Tesla Help The Stock Reverse Back Up?

Ford Motor Company F shares are trading higher Wednesday, most likely moving in reaction to the announcement made Sept. 8 stating the company hired Doug Field as chief advanced technology and embedded systems officer, reporting to President and CEO Jim Farley

Field was a former Tesla Inc. TSLA senior vice president of engineering and in charge of Apple Inc’s AAPL automotive venture.

Ford was up 0.62% at $13.03 at last check Wednesday afternoon.

Ford Daily Chart Analysis

• Shares are attempting to find support at a previous resistance level or the stock may fall back into a sideways channel it once traded in.
• The $13 level had previously been holding as resistance before the stock broke above the level. The price has since fallen and moved to $13 where it is either going to bounce and move higher or break below and head toward the next possible support level near $11
• The stock is trading below the 50-day moving average (green) but above the 200-day moving average (blue), indicating the stock may be entering a consolidation phase.
• The 50-day moving average may act as an area of resistance, while the stock may find support near the 200-day moving average.
• The Relative Strength Index (RSI) has been moving sideways the past couple of weeks below the middle line of the indicator. This means the selling pressure has been higher than the buying pressure.

See Also: How To Buy Ford Stock

What’s Next For Ford?

Bullish traders would like to see the stock bounce at support and start to form higher lows once again. Bulls would also like to see the stock cross back above the 50-day moving average.

Bears would like to see the stock break below the support level and head towards the next possible support level near the $11 level. Bears want to see the RSI fall into the oversold range, likely moving with price.

Photo: Courtesy of Ford