Ford is another stock on my watchlist. Ford has a beta of 2.79 and had a 1,102% gain from its November 2008 low. So far this year, I've made two trades and I'm looking for another stock to get into soon. I was looking at Ford to pull back to its neckline for a full retrace, however, it seems that may not be a possibility at the moment. Ford punctured its neckline on December 15, 2009. It did build a small consolidated base after breaking the neckline. Then, it punctured its 10.37 pivot point allowing for a breakaway gap on volume above the 30-day sma.
Ford tends to build rectangle tops and form base-on-base patterns. The two prior rectangle tops lasted between 2.5-4 months. Ford might try to pull back and consolidate so it can build another rectangle top. If this is the case, and Ford tries another base-on-base formation, this would allow for another opportunity to take a long position.
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