A very tight stop in this period, thanks to Biden’s declarations on the taxation of capital gains, the pandemic that shows no sign of abating, despite the arrival of summer (we hope that this summer and the vaccination campaign, definitively remove this damned virus).
The Italian market, where Ferrari is listed, reflects a lot the American one in the afternoon (15:30 coincides with the opening of Wall Street) and punctually on the day of April 20, the price retraces going to take my stop anyway at a profit (173 €)
Ferrari’s lateral phase in area 180 was largely predictable and reported in my previous articles, but I believed it wouldn’t last that long and that the price would hold the supporting trendline, which it did until April 16th.
After that, the stop profit is a strategy obligation.
The price then restarted, so the targets remain the same, but the volumes are not convincing, as they did not before.
Area 173-170, on the other hand, is the first possible level for a buyback, although I don’t think I will enter any time soon.
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