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After a rather cautious start to the new year, Ferrari shares are now about to move up a gear with two buy signals. However, the quarterly figures on Thursday will be decisive for the continuation of the record run. Lower expectations promise potential for surprises.
Quarterly figures and market expectations
On average, analysts expect a profit of 1.48 euros per share, after 1.21 euros in the same quarter of the previous year. Sales are expected to increase by 10.5 percent to 1.51 billion euros compared to the same period last year.
Chart technical analysis
From a chart perspective, things are looking really good for the car manufacturer from Maranello. A steep upward trend since the beginning of 2023 with a trend line along the December low of 2022 and the September low of 2023, which is currently at 302 euros. With the increase since the beginning of the week, the share is even on the verge of breaking out of the double bottom formation consisting of the December low of 2023 and the low of January 24th and thus overcoming the resistance at 324.50 euros.
Impact and recommendation
The quarterly figures may provide the necessary impetus to allow Ferrari shares to break out of the chart formation and head towards an all-time high of 346 euros. If this mark is also overcome, the 350 euro mark represents an important psychological resistance. Ferrari shares remain a solid candidate for any portfolio.
According to a report by www.deraktionaer.de,