in mid-January, we noted that Ford $F was still bearish because it respected a key resistance around $9.00 per share. While price did retreat from $9.00 and continued to respect this resistance, it was still supported above $8.20. Ford Daily Chart (click to enlarge) Key Support Tested - On the daily chart, we can see that price has flattened into a range between roughly $9.00 and $8.20. - Meanwhile, the overall structure is still bearish with the lower high lower low pattern still valid. Price is also trading under the 200-day simple moving average (SMA) as well as the 100- and 50-day SMAs. - Finally, the RSI is still under 60, which reflects maintenance of the prevailing bearish momentum. - Now after failing to push above the $9.00 resistance several times, price is again back testing the $8.20 support. - I would anticipate a bearish breakout soon - within a couple of weeks. - This would be a bearish continuation breakout, and would at least open up the lows around $7.50. - Because the prevailing downtrend is still intact, I would anticipate further downside at least towards $7.00. - I think there is downside risk also towards the $6.00-$6.50 area. But I think this will be a key support area for Ford this year. - This support is the final line of defense against bears. If broken, we might have a dip towards the 2008-2009 lows, which would close to $1 per share. - This scenario would likely reflect existential threat and is unlikely in my opinion, so I will stick with preparing to buy in the $6.00-$6.50 area. Ford Monthly Chart(click to enlarge)