Things are Good at Ferrari NV (NYSE:RACE)
Overall, the bias in prices is: Upwards.
Short term: Prices are moving.
Intermediate term: Prices are trending.
By the way, prices are vulnerable to a correction towards 38.02.
The projected upper bound is: 43.67.
The projected lower bound is: 39.56.
The projected closing price is: 41.61.
FERRARI N.V. (NYSE:RACE) is currently in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into RACE.MI (mildly bullish). Our trend forecasting oscillators are currently bullish on RACE.MI and have had this outlook for the last 16 periods. The security price has set a new 14-period high while our momentum oscillator has not.
This is a Bearish divergence.
Italian sportscar maker Ferrari said Tuesday it was headed for a record net profit this year after posting its best-ever quarterly results.
“A record second quarter, on the way to another record year,” the luxury automaker said in a brief statement.
Net profit grew 29 percent in the three months to June to 97 million euros (88.6 million) on sales of 811 million euros, up 5.9 percent.
The results beat forecasts by analysts who had been looking for net profit of 85 million euros and sales of 785 million, according to consensus data compiled by Factset.
Ferrari delivered 2,214 cars in Q-2, up 8% from the year-earlier period.
Unit sales to China alone rose by 26 percent, to 160.
Ferrari is now looking to sell more than 8,000 vehicles over the full year and to generate sales of more than three billion euros.
Ferrari shares, which had been trading lower in Milan ahead of the announcement, were up 1.7% at 41.17 euros in late afternoon, bucking a sharply weaker overall market trend.
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