Ferrari shares (RACE): how long will the race to new highs last?

The Ferrari share price continues the race towards new highs, continuing in what, for all intents and purposes, appears to be an uninterrupted race towards uncharted territories.
After sharing the quarterly results on November 2nd and breaking the €300 mark, the Ferrari (RACE) share price did not hint at a small retracement.
But how much longer can this graphic extension continue? RACE: What's driving the price so high? First of all, the positive sentiment of traders and investors was fueled by the results shared by the company in the first days of November, which outlined another record quarter: the third quarter closed with revenue growth of 23.5%.
%, and the guidance continues to foresee important annual results.
CEO Benedetto Vigna remained very confident, confirming that the order book remains at the highest levels, with sustained demand in all geographical areas.
But the excellent news doesn't end there: fueling a certain climate of increases is also the start of the buyback plan, up to 350 million euros, launched by the Ferrari company, on the occasion of the multi-year program for the purchase of own shares.
As is well known, this kind of program tends to trigger a positive climate on the market structure, as it, hypothetically, adds an important component to the demand side of RACE shares.
But the news regarding the title does not end here: apparently, despite the climate of strong economic uncertainty circulating in the economies of developed Western countries, Ferrari has also recently announced a hiring plan, to be completed within the first half of 2024, with approximately 250 new hires.
In essence, it represents an overall good time for the company.
Ferrari shares (RACE): what is happening on the stock market? Naturally, this climate of extreme euphoria, fueled by the strong media news of the last month, has amplified the price of RACE shares.
Before November, the price seemed trapped in a range limited from above, from the €300 level, while from below, from the Point of Control (POC) of $280.
This last level subsequently proved to be a crucial support point for the restart of RACE shares, which, in November, on the occasion of the disclosure of the quarterly results, exceeded the €300 threshold, continuing the unstoppable race up to the €330 level.
On a weekly timeframe, the share price is now in a technical overextension zone, and the RSI indicator has signaled the achievement of an overbought zone, i.e.
above 70 points.