Ferrari (NYSE:RACE) Stock Seeking All Time Highs

Ferrari (NYSE:RACE) Stock Seeking All Time Highs

$RACE

Ferrari (NYSE:RACE) gaped open higher and held the 4.06% gainer Tuesday, as the broad market got hammered, with all of the major US stock indexes down more than 1% on the day, and all 11 S&P 500 sectors finishing in the Red.

The stock rose after the iconic Italian luxury Supercar maker beat earnings per share and revenue expectations. It comes after shares showed plenty of weakness Monday, leaving investors unsure about the stock heading into earnings. And Ferrari supersized as usual.

Now the Maranello Outfit’s stock is seeing breakout as the resistance is light Should it do so, Ferrari will then ‘race’ to fresh all-time highs.

But, that resistance at 143.55 could cap the stock short term, particularly if the broader market remains under pressure.

Ferrari is outperforming all members in the automotive sector, as revenue grew 13% Y-Y.

By comparison BMW saw a decliner of 90 bpts, General Motors (NYSE:GM) +1.6%, and Ford flat on the day.

The Candlestick Chart

Ferrari’s shares are just below 140, which has tempered the rallies in RACE stock YTD. Should it do so again, look for these Key MAs: the 50-Day and 10-Wk near 134.69 for strong support.

See a close above 140 as the breakout trigger, which puts its 52-wk high at 149.85 as the target.

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 is light resistance now at 139.91, and strong support at 134.69, all of our Key indicators are Bullish-Very Bullish in here.

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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