Ferrari N.V. (RACE.IT) - D1 - Long
Our expectations: Upward trend and price after correction to levels of basic support. Possible Long-Trad with SL: 105.50
Alternative scenario: If the price passes below the support area and stays there, the positive scenario will be spoiled and more likely to observe a decline in the stock price.
Commentary: Long-term upward trend and price after correction to core support zone levels, formed by basic upward diagonal, horizontal support, 23.6% Fibonacci correction, 50SMA and short internal diagonal. A flag formation is available, which is activated at the last ascending wave and subsequently tested on the last day. Price Action: Bully pin bar in the support zone - positive for the price. 50 and 200SMA remain beached - the trend is in effect. The CCI14/50 combination indicates that the long-term trend remains a longevity, but short-term downward pulses are likely as the 14-period CCI does not provide a buy signal.
Positioning:
Option 1 - Aggressive entrance immediately after the opening of the markets at 10:00
Option 2 - Conservative input, after 50% correction of pin bar.
SL: 105.50
Read more:
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