Shares of Ford Motors Company $F have been rallying since it tagged $7.50 at the turn of the year. This rally is coincident with the current overall market recovery, which could very much be temporary. Furthermore, as price tested $9.00 it retreated, suggesting bears are still in control. F Daily Chart (click to enlarge) Bears in Charge:- The daily chart shows a bearish trend at least since June 2018. We can see lower highs and lower lows.- Price has been trading under the 200-day simple moving average (SMA), and often fall below the 100- and 50-day SMAs as well.- The RSI has tagged below 30, and continues to hold under 60. This reflects maintenance of bearish momentum.- Furthermore, the $9.00 level was a previous support pivot, and represented a key resistance IF the market was still bearish. - Finally, price action this week consisted of a "piercing pattern"* followed by a gap down to start the 1/16 session. - These are all signs that bears are in control of this market we should at least expect a return to $8.00, and very likely $7.50. - If price indeed falls down to the $7.50 low, we should probably NOT rely on this support and expect a reach towards the $7.00 level.- I think if price falls to the $6.50 area, then we should anticipate significant support. But for now, the rejection at $9.00 suggests there is still a lot of bearish pressure on Ford shares. Ford Weekly Chart (click to enlarge) *Piercing Pattern:(Tradingeveryday.com) We should also note some developments out of Ford Motors Co. The company announced a partnership with Volkswagen AG. Here's what MarketWatch reported: Volkswagen, Ford team up on pickups, EVs Volkswagen AG $VOW and Ford Motor Co. $F, will jointly produce mid-size pickup trucks and vans, and will collaborate on electric vehicles as part of a broad global alliance, the companies said Tuesday. Under the alliance, Ford will engineer and produce the pickup trucks for both companies, giving Volkswagen greater access to a lucrative market segment where it has so far struggled to establish a foothold. Ford will also build larger vans for European customers, while Volkswagen will develop a city van for both companies. The vehicles should be ready for market by 2022, while the cooperation should yield improved pretax operating results from 2023, the companies said. Volkswagen and Ford also signed a memorandum of understanding to investigate collaboration on autonomous vehicles, mobility services and electric vehicles. Both companies said they were open to considering additional vehicle programs in the future. By joining forces, the companies aim to spread the cost and risk of the extensive investment needed to develop the next generation of autonomous and electric vehicles. The alliance will be governed by a committee led by Volkswagen Chief Executive Herbert Diess and his counterpart at Ford Jim Hackett. From MarketWatch.com