The US-based multinational automaker- Ford appears to be a good investment for 2023 from a technical point of view. Based on the recent price data, the market capitalization was recorded at $57.49 billion on Tuesday.
Ford Motor Chief Executive Jim Farley said Tuesday that the automaker will need to manufacture more components for electric vehicles in its own factories so that “everyone has a role” in the future. Electric vehicles would require 40% less labor than existing combustion vehicles to manufacture.
NYSE: FORD stock price on Weekly chart
On a weekly basis, Ford stock price is looking intensely bullish (above the chart). Buyers are aggressively investing in assets thus its drawing the seventh green weekly candle so far. This amazing bullish rally influenced new traders. As well as, price action shows a double bottom pattern, visible sign of strong positivity in this share.
On 15 November, the NYSE: FORD stock price closed in green at $14.30 mark along with a 1.71% increase. Although in the last few months, bulls were struggling with sell-off but red zone of volatility-200 Day moving average provided a price pump twice before this continued rally. This ongoing rally hits the $20 mark (0.618 level of Fib retracement) as a next resistance level.
Since the 200 DMA is below Ford stock price, but on the daily chart, bulls struggle below the 200 day EMA. Buyers need to turn this area into support. Specifically, the RSI indicator is continuing to rise and is now present at the 63 mark.
Conclusion
The 200-day EMA is remaining as the most recent bullish hurdle and buyers need to break it soon. On the contrary, Ford stock price is looking strong on the weekly chart, so buyers are continuing to accumulate it.
Support level – $13 and $11
Resistance level – $17 and $2
