Ferrari (NYSE:RACE) Stock Just Shy of its January Highs

Ferrari (NYSE:RACE) Stock Just Shy of its January Highs

$RACE

Ferrari (NYSE:RACE) has reopened its factories in Maranello and Modena after a 2-month downtime with safety measures in place.

Shares of RACE have held up during the C-19 coronavirus chaos and are only off 3.35% since 1 January.

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 Neutral with a Bullish bias, there is Key resistance 163.97, and Key support is at 156.85.

Our overall technical outlook is Very Bullish in here

Ferrari finished Tuesday at 158.25, -4.51 in NY.

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!

  

The following two tabs change content below.

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.