FLASH: As I wrote last December, Ferrari is the auto stock to watch in Y 2019 as the iconic Italian luxury Supercar maker plans to significantly expand its production over the next 7 years.
Ferrari (NYSE:RACE) shares Thursday marked another all-time high at $163.64 and finished at $161.16 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 11X’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, as the Pessimism unwinds on RACE shares, in and out of the options pits, the fuel is 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 Very Bullish, there no overhead resistance now, and support at $160.90, all Key indicators are Very Bullish in here. Ferrari finished at 161.16 + 3.33, or 2.11% on the day in NY Thursday.
There is F1 racing this weekend, the French Grand Prix race is on 23 June.