ADP Shares Drop 2.5% and Struggle at 200-Day Moving Average

A Consolidation Bringing ADP's Price to Its Short-Term Moving Averages

The stock is priced at €110.70, down 2.47% for the session, after closing the previous day at €113.50. This movement only partially erases the weekly gain, which still stands at over 8% for the week. The price remains slightly above its MM20 at €109.10 (+1.47%) and its MM50 at €108.73 (+1.81%), but stays below the MM200 at €113.39 (-2.37%), confirming that the reconquest of spring's peaks is not yet secured. The RSI at 59 remains in a neutral zone, without signs of exhaustion. The resistance at €115 identified in technical data marks the upper boundary of the current corridor, while the support at €102.30 outlines the bearish scenario.

Easing in Ormuz and Mixed European Air Traffic in the Background

The decline follows the recent rally fueled by easing tensions in the Middle East, already discussed in the session of June 15. The memorandum of understanding signed on June 18 between Washington and Tehran, which plans for a gradual reopening of the Strait of Hormuz, has impacted Brent (-2.23% at $77.78 per barrel), a favorable factor for operators sensitive to the cost of kerosene. On the traffic front, ACI Europe data published on June 4 shows a slight decline in European passenger traffic by 0.7% in April, with Paris-CDG stable and Schiphol up by 2.7%. Financially, the group placed a €600 million bond on June 10, with a 9-year maturity and a coupon of 3.875%, aimed at general needs and refinancing. At the 2025 accounts release (March 13, 2026), the group targeted a recurring EBITDA of over €2,350 million for 2026, with traffic growth between 1.5% and 2.5%. Crossing the €113.39 level, the MM200, remains the pivot point to watch to validate the medium-term bullish momentum.