Ford Drifting Toward New Lows
The ugly action following Ford's (F) first-quarter earnings report is continuing today. After opening Friday's session with a gap-higher open, Ford suffered a nasty downside reversal. Investors turned negative after digesting the automakers' results, and the stock finished the day with a 2.25% loss on very heavy trade.
Despite the heavy selling, Ford was able to hold key support at near its 200-day moving average. This morning, the stock fell below this level with a gap-lower open, and it is now off more than 3%. The post-earnings weakness has pushed the stock to within pennies of the previous April lows. Just below last week's spike low of $11.15 is Ford's 2012 low. The stock appears headed for this key level....291 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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