Ferrari (NYSE:RACE) will report earnings Tuesday and the stock is very oversold in here.
Shares finished Monday at:132.33-1.81 (-1.35%) in New York.
After hitting resistance in mid-April, Ferrari lost the 20-Day MA support which turned to resistance.
Monday, the stock gaped below the 50-Day MA, and failed to close above it, as buyers bought the dip.
Ferrari has a history of surprising, so will be watching closely after the report.
On the Southside, should RACE pullback, we want to see the 200-Day MA hold as support.
On the Northside, should shares rally, we want see if 143.19 holds as resistance. If it does not, a breakout can happen quickly. And the 20-Day and 50-Day MA come back as strong support.
|RACE: Support & Resistance|
Ferrari is the Aristocrat of the automotive sector.
The 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 Neutral, there is strong resistance now at 134.33, as the stock is very oversold, MACD, 1 of our Key indicators is Very Bullish in here.