RACE

Show

Resistance

Parallel

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Ferrari stock price declined by 5.16% in the last week and closed at $288.25.&nbsp;&nbsp;</a> </li> 
 <li> <span>2</span> <a>Ferrari stock made a breakdown of the parallel channel pattern that formed over the daily chart.&nbsp;</a> </li> 
 <li> <span>3</span> <a>RACE stock price might halt its decline near the 200-day EMA.</a> </li> 
</ul> 
<p>Ferrari (NYSE: RACE) stock price showcased bearishness when it slipped below the $300 level. The daily chart illustrates a free fall for the last three sessions after the breakdown of the $300 level. The stock price closed at $288.25 with an intraday loss of 1.14% on Friday.&nbsp; &nbsp;<br><br>The Ferrari stock price analysis illustrates that except for the current quarter, the stock price has been significantly bullish. The stock price was maintained above the 50-day EMA for most of the time and surged from consolidation to break above an all-time high of $270. The price surged from the $200 level and made a movement up to $329.<br><br>However, the current period has not been fruitful for Investors as the stock has undergone a correction phase,&nbsp; thereby forming a channel pattern. Recently, RACE stock gave a breakdown of the channel pattern and showed signals of entering a declination phase.&nbsp;</p> 
<p>Citi analysts say Ferrari can grow further by selling to more millionaires, who are increasing in number. Ferrari only sells to 0.02% of the millionaires in the world, according to UBS. Citi says Ferrari can also raise its prices and offer more products, like Purosangue.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh5.googleusercontent.com/2nkg1uqNDRyEgbSQjEDG28VIrfDzLj2PMNTxIYtOqnUFA6oR-ZfJxLQgSS2IunVwLAviPKBeGmOL7ncC-DWmIWLMFOnt1G1ipeU-YJm_I3_FGDB_LSHsDKITSdvRNKUTWBnBfFjITZRZMXeKDXvEaZo" alt="Ferrari Stock Price Slumps Below $300; Can It Recover On Monday?"> 
  <figcaption class="wp-element-caption">
    &nbsp;Source: barchart.com 
  </figcaption> 
 </figure> 
</div> 
<p>Ferrari stock derivatives data analysis shows that the current implied volatility in the market is 23.73% with a decrease of 0.34% in the last trading session. The nearest resistance of $292.5 has 343 open contracts on the put side and 8 open contracts on the call side, indicating the buyers dominating at the CMP.&nbsp;</p> 
<h2 class="wp-block-heading" id="strong-ferrari-stock-price-showed-breakdown-of-parallel-channel-strong"><strong>Ferrari Stock Price Showed Breakdown Of Parallel Channel</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh5.googleusercontent.com/TG6PshKFC7HeSplcaJ3xqHyTyK-WvKppWIuIfSxsCxSctT5PxwoEQejEfpj_J6IUJp6znMrMQO4Y3D4XYAAP_l4IlXS0sg0HJ8Wq0YReBTzE-aPgMg4xp-ALCnQJysZZ-GCnX0SnZnGJKoWZP883VGk" alt="Ferrari Stock Price Slumps Below $300; Can It Recover On Monday?"> 
  <figcaption class="wp-element-caption">
    Source: RACE 1D. NYSE By <a href="https://www.tradingview.com/x/3wB4g70u/" rel="noopener noreferrer nofollow">TradingView</a> 
  </figcaption> 
 </figure> 
</div> 
<p>Currently, Ferrari stock is trading at $288 and witnessed a breakdown of the parallel channel pattern over the daily chart. The price is showing downward momentum and might continue with the same in Monday’s session.&nbsp;</p> 
<p>RACE<a href="https://www.thecoinrepublic.com/2023/08/27/race-stock-fundamental-evaluation-is-ferrari-good-investment/" rel="noopener noreferrer nofollow"> stock</a> has Immediate support and 200-day EMA at $282 where the price might halt the decline and bulls may try to take over the game and shift the trend in their favor. However, the failure of bulls may attract more bears and the price might decline to the lower levels.&nbsp;</p> 
<h3 class="wp-block-heading" id="strong-technical-indicators-show-weakness-in-the-short-term-strong"><strong>Technical Indicators Show Weakness In the Short-Term</strong></h3> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh3.googleusercontent.com/bC4IP33N77Dv4IzqQCLF4SJmJk-83rx11drLyOt0IaDx_qVf03QX0bHeA8UhT3asd5FLylNuIIwN3oilnaGjJ-OgMQNPT5O6ijTZo4pqNWnQnxxpZerj9TGjH5wzS2wat-xycIbqCQYfxDEMyisi7_0" alt="Ferrari Stock Price Slumps Below $300; Can It Recover On Monday?"> 
  <figcaption class="wp-element-caption">
    Source: RACE 1D. NYSE By <a href="https://www.tradingview.com/x/3wB4g70u/" rel="noopener noreferrer nofollow">TradingView</a> 
  </figcaption> 
 </figure> 
</div> 
<p>The technical indicators, including RSI and MACD, give an 8% “sell” with an average short-term outlook on maintaining the current trend.&nbsp;&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>The <a href="https://www.thecoinrepublic.com/2023/08/08/ferrari-stock-price-prediction-is-race-momentum-weakening/" target="_blank" rel="noopener noreferrer nofollow">Ferrari stock</a> price fell by 1.14% on Friday after the breakdown of $300 on Thursday. The stock remained bullish in the last three quarters but seems to have entered a correction phase in the current quarter. The stock may decline more on Monday unless it bounces from the 200-day EMA at $282. Citi analysts say Ferrari can sell more to the growing number of millionaires, who only buy 0.02% of its cars. Citi also suggests that Ferrari can increase its prices and offer new products, like Purosangue.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4> 
<ul> 
 <li><strong>Support levels:</strong> $282.25 and $272.80.</li> 
 <li><strong>Resistance levels:</strong> $299.83 and $308.64.</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>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 or stock comes with a risk of financial loss.&nbsp;</p>

Ferrari Stock Price Slumps Below $300; Can It Recover On Monday?

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