Ford pierces negative pattern's support - Analysis - 18-01-2018

Ford Motor Company's stock (F) skidded in the intraday levels, recording a new loss of 7.02% in the last session, or 0.92 points, and breaching the support of the Rising Wedge pattern that formed in the short term as shown in the attached chart, with a noticeable rise in trading volumes, exposing the stock to negative pressure and nudging it past the 50-day SMA support, with negative signals from the RSI. 

Therefore we expect more losses for the stock, targeting the first support at 11.87.