A View of Ford's Technicals Ahead of Earnings

Ford (NYSE: F) earnings are due out before the opening bell tomorrow, and expectations are for relatively good numbers. The question is whether or not really good numbers already have been discounted? Purely from a technical perspective, my near and intermediate term work argue for additional upside in F to 15.80-16.00 prior to the next meaningful correction. Does that mean really good numbers are in the price? Probably not, which leaves room for upside reaction to "really" good numbers. Do I want to enter F here ahead of earnings? Definitely not. Buying ahead of earnings is not my style, unless the chart structure is so bullish that it is screaming for a big breakout out of a massive base pattern (like SLB last week). In terms of F, if the stock were pushing above 9.20 into earnings, I would seriously consider enter new long positions. But "up here," despite the fact that it could have another 8%-10% upside immediately, I will watch from the sidelines to how the action develops tomorrow morning.



  Matched
x
  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!