From a technical point of view, Ferrari ( NYSE:RACE ) Stock Trend is bullish, but at the same time it has reached an important resistance area around $300/320, and from here it could trigger a short-term corrective structure. The minor structure 12345 might be completed, but as we can see from the chart, it might be a wave 5 of 3 (major), so once the correction...
The PEAD projected a bearish outlook for $RACE after a positive over reaction following its earnings release placing the stock in drift B with an expected accuracy of 100%.
Ferrari's day in the sun may be over and the possibility to purchase a share at $86 may become a reality.
Yellow Box: Resistance/Supply
White Diagonal Line: Liquidity
Green Horizontal Line: Support/Demand
When we look at the Ferrari graph on an annual basis, we see a rising wedge. Generally, assuming the wedge has broken downwards, the next target will be the $150 level. If we need to support this technical analysis with fundamental analysis, it is striking that especially the PEG ratio is too high. As long as the wedge doesn't break higher ($218), I will keep the...
Ferrari symbol in the stock market.
The price has broken the downtrend line and will correct.
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For the Long-term time frame, there is still an upward trend.
However, the price in the mid-term time frame is corrected in a wedge.
So it can find an entry zone to buy after the end of the correction.
Observe the money management and the stop loss.
RACE has been on the decline since nov 2021 and bounced off the 181 support twice forming a declining triangle.
Taking a short term bullish trade from the last bounce and watching the price action for any weakening to get out.
Currently holding this trade as MACD and RSI are going bullish - planning to exit when the RSI becomes overbought.
27/5 Planning to...
05/19/2022 (mm-dd-yy)
TARGET 215-231
TRIGGER 196
STOP 1 = 181
STOP 2 = 170
Historic:
05/19/2022 (mm-dd-yy)
Fear & Greed Index: 29
Mid-term forecast (1-2 weeks):
If price breaks the 196 resistance, a resumption of a strong uptrend is expected.
Aiming at 215 (1-2 weeks) and 231 (2-4 weeks)
If the support a 181 breaks, the short-term forecast (resumption of the...
Ferrari (RACE) is near 192€ former resistance, that should work as a support this time. It's also at the bottom of a 3 year channel.
Could be an entry point if we see any interesting pattern.
The RSI is below its neutrality area at 50.
The MACD is below its signal line and negative.
The configuration is negative.
Moreover, the stock is trading under both its 20 and 50 day moving average (respectively at 226.445 and 228.974).
Our preference: The downside prevails as long as 234.2 is resistance.
Alternative scenario: The upside breakout of 234.2...
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