Ford continues to consolidate on GoNoGo Charts daily
Long post but so much information!
Ford Motor Company is consolidating sideways after the precipitous drop that came with Covid-19. The GoNoGo Charts highlight many traditional aspects of technical analysis and they can be seen here on the chart of Ford. The GoNoGo Trend indicator has illuminated the down trend with consistent bearish purple and pink bars but since the end of march has been forming a consolidation pattern with higher lows and lower highs. You can see the upper bound of resistance and lower bound of support are on a collision course to meet.
In fact, there is cause to think that the down trend is weakening as we saw amber neutral GoNoGo bars during the last price high.
The GoNoGo Squeeze indicator accurately shows this reduced price volatility with its climbing grid that has formed a few times throughout the sideways price action. (Lower panel) Also traditionally associated with this kind of consolidation is low volume and again, the GoNoGo Charts show this. Gone is the dark blue color of the Oscillator in the lower panel. The dark blue represented higher than normal volume as prices crashed. The GoNoGo Oscillator has been its default pale blue for most of this consolidation.
Look for a significant move away from zero to determine Ford’s next move.
Ford Motor Company is consolidating sideways after the precipitous drop that came with Covid-19. The GoNoGo Charts highlight many traditional aspects of technical analysis and they can be seen here on the chart of Ford. The GoNoGo Trend indicator has illuminated the down trend with consistent bearish purple and pink bars but since the end of march has been forming a consolidation pattern with higher lows and lower highs. You can see the upper bound of resistance and lower bound of support are on a collision course to meet.
In fact, there is cause to think that the down trend is weakening as we saw amber neutral GoNoGo bars during the last price high.
The GoNoGo Squeeze indicator accurately shows this reduced price volatility with its climbing grid that has formed a few times throughout the sideways price action. (Lower panel) Also traditionally associated with this kind of consolidation is low volume and again, the GoNoGo Charts show this. Gone is the dark blue color of the Oscillator in the lower panel. The dark blue represented higher than normal volume as prices crashed. The GoNoGo Oscillator has been its default pale blue for most of this consolidation.
Look for a significant move away from zero to determine Ford’s next move.
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