Ferrari is not only an amazing car it also has a gorgeous stock chart. Its stock symbol is RACE. We provided coverage earlier this year when we wrote This Is Why Ferrari’s Stock Is A Buy In 2018, Will Continue Its Race Higher. In the meantime we see a confirmation on Ferrari’s stock chart that its stock price will contineu to race higher this year.
We concluded in our article mentioned above and published early May 2018: “Ferrari’s cars look gorgeous, its chart and finacials are as gorgeous. A buy in 2018.”
That was at a time when RACE was trading at 137 USD. In the meantime a retracement took place, and, interestingly, it took the stock price right below that same 137 USD level, right at the breakout point highlighted in green on the chart.
What does this mean? Very simple, the breakout, a technical event on the chart, is confirmed. In market terms: buyers gain control over selleres, and the market collectively decides to go higher with Ferrari’s stock.
There is more: given the setup we see unfolding we expect the rise to accelerate now. While the breakout attempt was followed by a retracement we do expect now an acceleration in the stock price rise.
Is it too late to get in? Likely not, the setup suggests there is plenty of upside in 2018.