Ferrari (NYSE:RACE) Stock at All Times, Signals More Northside Ahead

Ferrari (NYSE:RACE) Stock at All Times, Signals More Northside Ahead

$RACE

Ferrari (NYSE:RACE) shares hit all-time highs at $155.54 for a 6th session running. And all of our technical indicators suggests more Northside is ahead for the iconic Italian luxury supercar builder.

The data shows that there have been 7X’s in the stock’s history when it was trading near its 52-wk high and the indicators flashed Green.

The options players look to be positioning for a move to the Southside.

For instance, the Schaeffer’s put/call open interest ratio (SOIR) stands at 2.46. Not only does this show put open interest outweighing call open interest among contracts expiring within 3 months, but it ranks in the Bearish 92nd annual percentile, showing such a preference for puts is rare. Peak open interest in the front-month June series resides at the 130-strike put.

It is interesting that despite Ferrari stock’s impressive run in Y 2019, the majority of covering analysts have just “hold” recommendations.

So, when the Pessimism unwinds on RACE shares, in and out of the options pits, the fuel will be created for the next move North.

I am still calling RACE at 200/share long term and am Very Bullish, as all of our Key indicators are Very Bullish in here and have been for severaly months.

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 Bullish to Very Bullish, there no overhead resistance now, and support at 152.87, all of our Key indicators are Very Bullish in here. Ferrari finished at 154.72 +3.50 on the day in NY Tuesday

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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