For the past seven weeks, Ford (NYSE: F) has been correcting its prior upmove from the July pivot low at 5.24 to the August high at 8.86. On Monday the stock traded down to 6.75 prior to recovering to the 7.00/10 area. In pre-open action today, F was trading up at 7.21/22, largely due to a very favorable article in today’s WSJ entitled, “Ford Makes Push to Boost Asian Presence.” My near- and intermediate-term pattern work argue that a correction was completed at Monday’s low (6.75) and as long as support between 6.75 and 6.55 contains any forthcoming weakness, F is a technical buy for a run at the August high on the way to 10.80-11.00.
