It was another rough day for Ford Motors (F), which imploded in early trading, after a 'weak guidance' statement was issued, with Ford settling -0.8% at $11.68, the lowest level since early Nov'2016. Outlook is shaky.. even if the main market can rally into April earnings.
News story: http://finance.yahoo.com/news/ford-f-stock-slips-q1-164804195.html
*This arguably sums up the price action since last Friday...
Seriously though, after two months of price chop since early January, we have a breakout... but its to the downside, back to levels from early Nov'2016.
Seen on the multi-year chart, we've yet another failure to break above declining trend/resistance that stretches back to summer 2014. The fact Ford is now in the $11s again, means any hopes of a bullish breakout (>$13) are off the menu until at least the latter half of April.
Ford is one of those companies (along with CAT.. and others), that I want to see break to the upside, to have confidence that the US market will continue to broadly climb across this year.
Today's corp' statement and resultant price action sure has dented my confidence.... much like the trees did to that cliff diving Explorer.