F - Long Position Idea

Jul 28, 2023

Hi everyone, I entered F with a price average of 13.16$. I don't plan to add any more shares to my current position; however, I believe that F has presented us with a good scalp/swing trade with the current chart. First of all, I'm liking the bounce off of support at around 13.10$. The fact that it found support and immediately reversed to 13.3$ says there is buying pressure. F has gapped down in today's session from 13.7$ to 13.04$, a considerable gap down. Prior to​ this trading session, we have seen the price per share decline a whole dollar in the span of this trading week. In general, I believe​ that Ford could possibly retest 13.52$ and even break above it. This is just an idea for a small scalp that I am currently involved in myself. EPS and Revenue estimates were both​ beats; however, the price dropped due to EV concerns within the company. I believe that there is room for upside, limited upside, but there is certainly money that can be made off of this dip. I did the same for LUV and EBAY, which were all good dip buys off of earnings reports. As seen on the RSI, F was oversold on today's session as it gapped down at the open. With that being said, this is just a long idea that looked decent to me. Have a good weekend and good luck trading everyone!