Trading Idea for Ferrari N. V. (NYSE)

#RACE

The overall trend is upward. The descending pattern of the H4 level is truncated. The internal pattern of the H1 level is also truncated. Probably a reversal wave model is forming. Awesome Oscillator shows a bullish divergence, while Stochastic Oscillator signals oversold conditions.

Trading Idea:

Buy when a rising wave pattern is formed where the wave (A) breaks through the downward sloping channel of the N4 level truncated pattern (an earlier entry point is possible at the end of the internal pattern of the H1 level by forming an ascending pattern).

Stop loss under the local minimum (207.70).

Target levels: 216.90; 232.00.