Carter Worth's Bearish Outlook on Ferrari Stock

Ferrari Stock Performance Analysis

• 📈 Ferrari shares have experienced significant gains in the past month, moving from a bare market low of $150 to $500.
• ⚠️ Despite the recent run-up, the stock appears to be stalling or skidding, according to Carter Worth.

Chart Patterns and Technical Indicators

• 📊 The charts show Ferrari at the apex of a formation, suggesting a potential failure point.
• 📉 A downward arrow indicates a topping formation, with multiple identical charts supporting this view.
• 📌 The stock has bounced off an uptrend line in effect since the 2022 low for the fifth time.

Relative Performance and Outlook

• 📉 A relative performance chart reveals that Ferrari has been underperforming the Europe 600 index.
• 💡 The advice is to fade this big bounce that has occurred over the last five to six weeks, following an earnings collapse in late July.