Dear Trader
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 quarterly earnings disappointment as well as a generally softer equity market.
At current levels the share is trading at horizontal support with the share price oversold as indicated by the stochastic technical indicator. Additionally we also note the RSI forming a bullish divergence. Today, the Milan-list share has added just over 2.7% which I would expect to follow through to the NYSE-listed share. Based on this, traders could look to take a buy/long position based in anticipation of a short to medium term rebound.
These are the trade levels:
Buy RACE better than $101.60
Stop-loss: $96.40
Take Profit Target(s): $111 and $115
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 quarterly earnings disappointment as well as a generally softer equity market.
At current levels the share is trading at horizontal support with the share price oversold as indicated by the stochastic technical indicator. Additionally we also note the RSI forming a bullish divergence. Today, the Milan-list share has added just over 2.7% which I would expect to follow through to the NYSE-listed share. Based on this, traders could look to take a buy/long position based in anticipation of a short to medium term rebound.
These are the trade levels:
Buy RACE better than $101.60
Stop-loss: $96.40
Take Profit Target(s): $111 and $115