Ford Motors Co. (F) began deliveries of its electric Mustang Mach-e GT two weeks early, according to a report from Electrek. A forum poster from Cedar Rapids, Iowa picked up the new vehicle from the dealership on Thursday night.

Ford’s stock has been trading in a steep downtrend, making lower highs and lower lows since reaching a June 4 high of $16.45. On Thursday, Jim Cramer said on CNBC that the company was suffering due to production difficulties amid a global chip shortage, but he urged investors to hold their shares because Ford is doing better than all other vehicle manufacturers.

The Ford Chart

Ford’s stock has fallen almost 25% over the past three months and has settled into a bearish head-and-shoulder pattern, with the left shoulder created between July 20 and July 27, the head between July 28 and Aug. 5, and the right shoulder between Aug. 6 and Aug. 17. On Aug. 17, the stock reacted to the bearish formation, broke through the neckline of the pattern, and retraced 6% before bouncing from the $12.38 level on Friday.

The bounce up from the level caused Ford’s stock to print a bullish hammer candlestick on the daily chart, which often indicates a trend change to the upside. Monday’s candle may provide confirmation that the stock reacted to the pattern.

Ford’s relative strength index was measuring in at just over 30% on Friday. For technical traders this may be a buy signal since the stock is close to oversold conditions. On July 19 when Ford dropped down near the 30% level, the stock bounced up almost 12% over the following three trading days.

Ford has been trading below both the eight-day and 21-day exponential moving averages (EMAs), with the eight-day EMA trending above the 21-day, which are bearish indicators for the short-term. Ford has been trading above the 200-day simple moving average, however, which indicates overall sentiment in the stock remains bullish.

Bulls want to see big bullish volume come into Ford’s stock on Monday and for it to print a green candlestick that closes over Friday’s high of $12.67. The stock has resistance above at $12.79 and $13.62.

Bears want to see big bearish volume come in and drop Ford’s stock down toward the $12 level. It is unlikely Ford’s stock will drop further than this level before bouncing because the 200-day SMA is also trending at $12 and would act as further support.