Shares of Ferrari continue to be one of the top names in the auto space, racing ahead of most other stocks outside of Allison Transmission. In the above SIA Matrix Position Chart, we can see that shares of RACE dominate the top of the SIA Favored Zone (#5) in the Automotive Sector report. The shares have rallied from $210 in January 2023 to current levels of $450, resulting in a 1-year rate of return of 53.66% and 36.06% year-to-date. The attached weekly candlestick chart highlights this significant move, consistent with its SIA Favored status, as indicated in light green. Ferrari shares carry an SIA SMAX score of 9 out of 10—a near-term indicator comparing an asset against various asset classes—which demonstrates strong short-term performance across all asset classes, even amidst the summer's market fluctuations.
The attached P&F chart, scaled at 2%, illustrates the green color-coded position overlay, showing its Favored zone and the rally that ensued. Resistance can also be measured using a vertical count, which lies at $573.17, with further resistance at $608.25 and the psychological hurdle likely appearing at $600. Overall, Ferrari is the top car manufacturing name in the matrix and continues to be the go-to stock for those seeking exposure to automakers. Any pullback would likely find initial support at $434.08, with further support at $393.44 and the whole number at $400.
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