RS3175

F Oversold - Bullish Setup

Long
NYSE:F   FORD MTR CO DEL
F was in a downtrend from Jan to July 22. After a breakout in July, reached a high of 16.5 in mid-Aug 22. Thereafter a second downtrend started which ended in May this year. The second breakout reached a high of 15.3. Both these breakouts happened when the stock hit 11.3. In the current downtrend, stock has broken the support of 12.3. F is oversold but not highly oversold. It may again reach the support of 11.3 with RSI below 40 before climbing up to 13.5. If it breaks the resistance of 13.5, likely to reach its price target of 14.6 by early 2024, else by mid-2024.
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