Ford Motor Co (NYSE:F) opened flat on Monday, rose up slightly and then ran into a group of sellers who knocked the stock down almost 3% by early afternoon.
The stock has been trading in a steep downtrend since Jan. 13, declining over 40% from the high of $25.87 to reach a low of $15.51 on March 14. On March 15, Ford retested the low as support and bounced, which created a bullish double bottom pattern at that level. On March 16, the pattern was recognized and Ford shot up 6.51% between the March 15 closing price and the high-of-day on Monday.
