Stock broke the uptrend line, retested it and now retests the green buy zone. Potential to short the break lower and target the first fib level at 38.2%, also 200SMA on daily is catching up to that level.
A buy is possible is price starts to close the gap back up to 160 level, wait for impulsive move higher for confirmation.
Both of these counts call for a decent correction in the short to medium term. However the blue count calls for a deep and protracted correction while the red count suggests that there may still be another leg up. Does anyone know which one it is? (Apologies for my attempt at humour in the title.)
Big banks and investment funds have a divided opinion of this stock, between 'hold' and 'buy'. Their target price ranges below the current one.
Technically, the price made a 3rd touch on the trend line, so it confirmed now. A support zone at 150 is close. If the break happens wait for the support zone to break as well. Currently can look for longs for better...
RACE has tested the resistance zone and broke through the short term (1hr) support trend line. There are signs of weakness from the indicators showing negative divergence. Please note however the long term trend is UP so you would be trading against the major trend.
$RACE earnings coming up early May
$45M of May 17th calls traded today deep in-the-money (13k conracts varying strikes vs 3,500 OI)
Will confirm positions in open interest tomorrow
Assuming a solid beat in May, we could see a push for new all time highs early summer
Medium term target - $165 by August
Note - Informational, not investment advice
Investing and trading offshore allows market participants to access industries and sectors not necessarily available on the JSE. Today's trade idea illustrates that with the share being luxury car manufacturer Ferrari NV whose share price has been under pressure since mid-year amid late-CEO Sergio Marchionne stepping down due to health concerns, a...