FX.co ★ Technical analysis on Ford stock price for May 29th, 2023.

Green lines- triangle pattern

As we noted in previous analysis, the stock price of Ford was trading inside a long-term triangle pattern since June 2022. Price recently reached the lower triangle boundary where we noted the importance of support. Bulls managed to defend the support at $11.23 and provided a strong bounce bringing price to $12.08. Price is approaching the upper triangle boundary resistance at $12.43. A break above $12.10 would be a sign of strength. There is still room inside the triangle pattern for price to move, but if we see a break otut of the triangle, we should expect a strong move towards the break out direction. Traders need to be patient. Inability to break above $12-$12.10 could lead to a rejection and a bearish reversal.