Ferrari N.V. stock (RACE) price stayed in an uptrend, rising the gains from the past months. Bulls persist in climbing the uptrend stairs and gradually moving in an uptrend. From the start of 2023, RACE stock surged inside the rising parallel channel and shifted the gains.
The chart shows that during the year 2023. RACE stock traded in the narrow range, but neither the bulls nor the bears could release the price beyond the range. At the start of 2023, the price broke the neckline of $230 and registered a breakout. Afterwards, the rally did not stop, bulls did not look back, and the stock gained more than 50% in the last 4 months.
The price action shows buyers are attaining their strength and dominance on the charts. Furthermore, the rally trapped sellers who could not make short positions due to the fear of losing out. On the other side, buyers persisted in making a long buildup and picking the momentum beyond the sellers’ thinking.
At press time, RACE stock was traded at $318.01 with an intraday drop of 0.20%, showing a neutral move in yesterday’s session. Moreover, the trading volume remained average of 281.99K, and the market cap is $78.424 Billion.
In the last session, RACE stock retested the 20-day EMA and showed mild profit booking cues. However, the channel’s lower trendline exists near $310.
As per the technicals, analysts maintained a neutral rating with a yearly target of $335.
Ferrari NV is a holding company that designs, designs, produces, and sells luxury sports cars. Some of the company’s famous models include the F12Berlinetta, 488 GTB, 488 Spider, 458 Speciale, California T, the LaFerrari Hybrid, LaFerrari, and the FF four-wheel drive. It participates in car racing, such as Formula One. The company was founded by Enzo Anselmo Ferrari in 1939 and is headquartered in Maranello, Italy.
RACE Stock Persist In Rising On Daily Charts
On the daily charts, RACE stock is still trading in the bullish zone and retesting the 20-day EMA last session. Moreover, the technical parameters suggest a further rise toward $340 in the following sessions.
Per the stock trajectory and Fib extension indicator, if further bounce happens from the 20-day EMA, RACE stock would head for $335, followed by $340 and $350.
Short Term Chart Shows Correction From the Top
On the 4-hour charts, RACE stock showed profit booking from the channel’s upper trendline, heading toward the lower trendline near $315.
The RSI curve slipped below the neutral zone and headed toward the oversold region showing a negative crossover on the charts.
The MACD indicator showed a bearish crossover, indicating profit booking on the charts. However, the price is still trading in the buying range, and a bounce can be anticipated near the 50-day EMA.
Conclusion
Ferrari N.V. stock (RACE) price trades inside the rising channel and persists in rising beyond the sellers’ vision. However, the price could not surpass the upper trendline and retraced the 20-day EMA in the last session.
Technical Levels:
Support Levels: $310 and $300
Resistance Levels:$335 and $350
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/07/22/will-ferrari-nv-stock-nyse-race-persist-in-its-upsurge/