Shares of Ford Motor Company (NYSE:F) have been in a tight trading range. Each time shares dropped to the $19 level over the past two months, there were enough buyers to support the stock. This put a floor under the price.
During the same time period, there has been resistance around the $21 level. Each time shares reached this level, the sellers put a top on the price.
That may be about to change.
The stock is currently trading above this resistance level. This means the sellers who formed the resistance are gone. With this large amount of supply (or sellers) off the market, the stage could be set for the buyers to drive the price higher.
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