September 20, 2012 (By Frank Kollar)
Shares of Ford Motor Co (NYSE: F) have jumper over ten percent in the last three weeks and appear ready to move higher still.
Ford has only just begun to to recover from a long term decline that knocked share prices down from $19 a share to $9 a share.
Shares have put in a double bottom on the weekly chart, with lows at $9.05 on Oct 2, 2011 and again at July 29, 2012 at $9.09.
Chart Courtesy of StockCharts.com
Ford will hit its first test of resistance at $10.92. This is the 50% retracement of the entire 2012 decline. If Ford can surpass this level, look for a run up to $11.42, the 61.8% retracement level.
A close above $11.42 would be a huge breakout for the stock and point shares back towards their 2011 highs.
The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy does not have a position in Ford but could initiate one shortly.
Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in F over the next 72 hours.