The technical picture of the Ford Motor Co. (NYSE: F) stock on our 4-hour chart shows that last week, the share price managed jump above a short-term downside resistance line drawn from the high of February 2nd. At the same time, the stock is trading above a short-term tentative upside line taken from the low of March 15th. Although F shows willingness to move further north, we would prefer to wait for a breakout above the 16.90 barrier first, which marks the highs of March 7th and 18th.
If, eventually, that breakout occurs, this may invite more buyers into the arena, as a forthcoming higher high would be confirmed. This could clear the way towards the next potential resistance area, between the 18.24 and 18.62 levels, marked by the current highest point of March and the high of February 10th respectively. If that rea is still not able to withstand the bullish pressure and breaks, the next possible target might be seen at 19.87, which is the low of February 3rd.
The RSI and the MACD are both pointing higher. Additionally, the RSI is above 50 and the MACD is now above zero and the trigger line. The two oscillators show positive price momentum, which supports the above-mentioned scenario.
Alternatively, if the stock breaks below all of the aforementioned trendlines and then falls below the 15.52 hurdle, marked by the current lowest point of March, that could scare off some buyers from the field. F may drift to the psychological 15.00 mark, or to the 13.88 obstacle, which is the lowest point of October 2021. If the slide continues, the next target might be at 12.64, which is the lowest point of September 2021.
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