Ford (F) shares tumbled nearly 14% in premarket trading Thursday after the automaker reported quarterly 澳洲幸运5官方开奖结果体彩💞网:earnings that came𓃲 in below expectations and kept its full-year 澳洲幸运5官方开奖结果体彩网:bottom-line outlook unchanged, as warranty costs continued to weigh on the company’s profitability.

Below, we take a closer look at the Ford chart and use 澳洲幸运5官方开奖结果体彩网:technical analysis to locate key pr🌌ice levels to watch amid anticipated earnings-🍌driven selling pressure.

Shares Undergo Retracement Ahead of Earnings

Since breaking out from a 澳洲幸运5官方开奖结果体彩网:descending channel in late June, Ford sha෴res continued trending higher for several weeks but have undergone a retracement in re𒉰cent trading sessions leading into the carmaker’s quarterly results.

Moreover, the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) has fallen below 澳洲幸运5官方开奖结果体彩网:overbought levels, indicating softening price momentum.

Monitor These Key Support Areas

Amid an earnings-related sell-off, investors should keep an eye on💯 three key areas on the Ford chart where the shares could attract buying interest.

The first sits around $12, a level where the price may encounter support near the 澳洲幸运5官方开奖结果体彩网:200-day moving average (MA) and a 澳洲幸运5官方开奖结果体彩网:horizontal line that cuts through a range of comparable price points from Octoဣber 2022 to June this year.

A breakdown below this level could see the shares decline to the $11.20 region, where buyers may seek 澳洲幸运5官方开奖结果体彩网:entry points close to a trendline connecting multiple 澳洲幸运5官方开奖结果体彩网:swing lows that formed on the chart between September✨ 2022 and January this year.

Finally, a more significant move lower could lead to a retest of $9.70, an area on the chart likely supported by bargain hunters looking for buying opportunities near this year’s low and beneath the 澳洲幸运5官方开奖结果体彩网:psychological round number of $10 per share.

When monitoring the levels outlined above, consider using other 澳洲幸运5官方开奖结果体彩网:technical indicators, such as the RSI, 澳洲幸运5官方开奖结果体彩网:stochastics oscillator, and 澳洲幸运5官方开奖结果体彩网:bullish candlestick patterns, as co𝔍nfirmation that the earnin🌜gs-related pullback may be ending.

Projecting Longer-Term Upside Price Target

If the stock’s current uptrend rhymes with the move higher from October 2023 to April this year, we can use a bars pattern to forecast a future 澳洲幸运5官方开奖结果体彩网:price target.

We do this by taking the bars pattern from that period and applying it from the low of the descending channel, which pr♚ojects a target of around $16.

Ford shares were down 13.9% at $11.7🔴7 in recent premarket tradi𝓀ng.

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As of the date this article was written, the author does not own any of the above securities.