When growth and inflation around the world are seemingly increasing on a MoM basis, consumer discretionary stocks perform well. We've seen this across the board so far this year, and in the latter parts of 2020. Ferrari is no exception, with a premium luxury brand with international recognition. Recently, RACE has been pulling back, and I'd look to start to leg into a position here, with capital to buy more slightly lower as well. Technically, we're near the bottom of the 2std dev Bollinger, as well as oversold on the RSI 1D/4H timelines. The risk/reward from here is favorable.
Trade closed manually:
Broke bearish.