Ford tries to pierce current resistance - Analysis - 31-01-2023

Ford's stock (F) fell in the intraday levels after announcing a cut in Mustang Mach-E prices and plans to increase output in 2023 to cover demand, with the stock sliding 2.86% in the last session, or 38 cents, and settling at 12.89, with trading volumes surpassing 64.5 million shares, above 10-day averages of 51 million shares. 

Technically, the stock managed to pierce the downward short-term trend line while trespassing the 50-day SMA, shaking off its negative pressure, with positive signals from the RSI as the stock tries to gather momentum to pierce the resistance of 13.04. 

Therefore we expect the stock to rise and target the first resistance of 14.67, provided the resistance of 13.04 was breached. 

Expected trend for today: Bullish