Ford Motor Company opened lower on Wednesday in sympathy with the general market, which saw the S&P 500 trading over 1 percent lower.
The legacy automaker-turning-electric vehicle giant, which plans to take on Tesla, Inc. in a battle for market share, has recently been flashing bullish indicators on its chart.
For now, the bounce to the upside is merely part of an overall downtrend, but Ford looks set to trade higher in the immediate future because the stock has developed a quadruple inside bar pattern.
An inside bar pattern indicates a period of consolidation and is usually followed by a continuation move in the direction of the current trend….