Ford shares were dented when the auto giant missed earnings estimates.
Shares were down 3 percent Friday. However, Ford's stock is still up 17 percent over the last 12 months.
Ford may have taken a hit as an aftereffect of highfliers being sold, according to Ari Wald, head of technical analysis at Oppenheimer & Co. But, he's not about to buy Ford just yet.
"My worry here is that there could be some spillover momentum that takes the stock lower on today's drop," said Wald on CNBC's "Street Signs" Talking Numbers segment.
Wald's charts show heavy resistance around the $16.50 level, which happens to be near its 200-day moving average.
"I think this could be an inflection from the upper end of this trading range," Wald said. "On the downside, I'm looking at that that Q1 low at $14.40. If we get some stabilization there, I think it's setting up a little bit better as a buy. "
John Stephenson, portfolio manager at First Asset Investment Management, isn't waiting. He said investors should buy Ford's stock now.
"You should be buying this all day long," Stephenson said. "This is a great stock."
Stephenson called Ford, which trades at 11.7 times 2014's estimated earnings, a cheap stock. He is also enthusiastic about the company's sales in China and Europe as well as the new line of F-series trucks coming out at the end of this year.
"It's going to have a strong inflection point later on this year in terms of its actual fundamentals," Stephenson said. "It's a cheap stock, it's doing well, and there's a massive influx of new car buyers in the market. We've gone from 8 million units to nearly 19 million units this year."
To see the full discussion on Ford, with Wald on the technicals and Stephenson on the fundamentals, watch the video above.