Looking at the hourly chart on Ford (F) since April 23, we can make the case technically that the recent spike lows at 10.14 and 10.40 represent a near-term double-bottom. This morning Ford broke above key resistance at 11.35/45 and continued higher, which has confirmed the near-term, base-like pattern, and which triggered upside projections into the 12.20/40 area next.

Let's notice that a powerful down trendline off of the April high cuts across the price axis today at 11.85/90. If hurdled and sustained (above 11.90), Ford should run towards 12.20/40 quickly.

 

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.