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My near and intermediate term work are warning me that Ford (NYSE: F) hit a significant near-term rally peak at 7.98 on 10/21, which ended the upleg from the 10/02 low at 6.61. If my workproves correct, then F should correct into the 7.40/20 area in the upcoming days, where it will test important support, in particular, against the Mar.-Oct. up trendline. If F pivots off of that area, then I will have to enter a new long position ahead of another upleg towards 9.00. However, in the event that 7.20 is violated, F will press still lower to revisit the Oct. 2 low at 6.61, which will represent a critical test of support that will tell us if the bull phase in F is having a shallow correction or a much deeper one. MJP 10/23/09 1:00 PM ET (7.71)
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
