F - bouncing off rising channel support

With the main indexes rebounding in the latter part of the day, Ford (F) similarly recovered, closing +1.25% @ $15.44. The earlier low of $15.06 was effectively right on key rising channel support. Near term upside would be a rather conservative $16.25/50.


F, daily

Summary

Suffice to say, with the main market having potentially floored at sp'1598,  the price pressure is likely to be back to the upside.

For Ford, the $16s look viable as early as next week. The big question is whether Ford is going to be able to challenge the Jan'2011 high in the $18s, before the current up cycle is complete.