Shares of the high-end automaker Ferrari (NYSE:RACE) broke out last week and raced higher, putting the pedal to the floor with a 1.74% gainer on strong volume Monday, ahead of Wall Street’s earnings estimates. The stock’s 52 wk trading range is 108.84 – 174.52
Monday’s stock-price action adds to the incredible Y 2019 enjoyed by Ferrari investors. Shares are easily outpacing the gains of all other car makers and the DJIA.
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 Bullish to Very Bullish, overhead resistance is None, and Key support is solid at 167.82, 3 of our Key indicators are now Bullish, and the stock has established strong long term support ahead of this coming breakout North.
Ferrari broke out and finished at 174.29, +2.98 Monday in NY.
Ferrari will continue to create value in the long term. Ferrari is a quality 1st long term luxury products investment, and I see it at 200+/share in that frame.
Have a terrific week.