Ferrari (NYSE:RACE) shares on Tuesday marked another all-time high at $158.82 and finished at $158.21 on the day. All of our technical indicators are Very Bullish and suggests more Northside ahead for the iconic Italian luxury supercar builder.
The data shows that there have been 9X’s in the stock’s history when it was trading near its 52-wk high and the indicators flashed Bright Green.
Despite Ferrari stock’s Bull run in Y 2019, the majority of covering analysts still 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 big move North.
I am still calling RACE at 200/share long term and am overall Very Bullish. Again, all of our Key indicators are Very Bullish in here and have been for several 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 $156.50, all Key indicators are Very Bullish in here. Ferrari finished at 158.21 + 4.07, or 2.64% on the day in NY Tuesday.
There is F1 racing this weekend, the French Grand Prix race is on 23 June.