F1: Ferrari (NYSE:RACE) is Testing at Mugello

F1: Ferrari (NYSE:RACE) is Testing at Mugello

$RACE

Ferrari drivers Sebastian Vettel and Charles Leclerc put a F1 car through its paces for the 1st time since preseason at a test at Mugello Tuesday.

Messer Vettel and Leclerc split duties in the team’s Y 2018 car, the SF71H, at the Tuscany circuit, which has been slated as a possible late addition to the revised Y 2020 schedule if F1 needs additional events this year.

Sebastian Vettel, who will be replaced by Carlos Sainz in Y 2021, handed the car over to Leclerc in the afternoon.

The test gave both drivers their 1st taste of real-world driving on a race circuit since the start of the C-19 coronavirus chaos, which has delayed the start of the season by 4 months.

Last week, Leclerc had taken the team’s 2020 car on a short demo run through the streets of Maranello, the location of its F1 HQ’s, to its test facility at Fiorano

The Scuderia will have rehearsed the new practices and protocols in place to prevent the spread of the disease at F1’s return races, which include social distancing and the wearing of face masks at all times.

The season will start at a behind-closed-doors Austrian Grand Prix on 5 July.

F1 currently has 8 European races confirmed through July, August and September, and has contingency plans in place to add as many events to the calendar as possible. Reports suggest Mugello is a backup. The 3.259-mile circuit has never hosted an F1 Grand Prix.

F1 will confirm its final schedule, which it has promised to be between 15 and 18 races and should include races in the US, Abu Dhabi, Bahrain and China, in the coming weeks.

Ferrari is The Aristocrat of the automotive sector.

Enzo Ferrari’s iconic Italian Supercar manufacturer claimed the title according to the latest Brand Finance Global 500 2019 report launched at the World Economic Forum in Davos

HeffX-LTN overall technical outlook for RACE is overall Bullish with a Very Bullish bias, the Key resistance 175.84, and Key support is at 168.72.

Our overall technical outlook is Bullish in here, as all Key indicators are Bullish to Very Bullish as it approaches its all time highs at 179.21 marked on 18 February 2020.

Ferrari (NYSE:RACE) finished Monday at 173.05, +1.60 in NY just shy of its all time highs.

The Maranello Outfit’s shares were raised to Buy from Hold at HSBC.

Ferrari will continue to create value in the long term. Ferrari is a quality 1st long term luxury products investment, and I have called it at it at 200+/share long term, adjusting it to 200/share short term (after the virus) and siding with BAML to 230 long term for now. The stock is now considered defensive in the sector.

Have a healthy day, Keep the Faith!

 

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Paul Ebeling

Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge. Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he it the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.