Carrefour Shares Drop 2.5% and Fall Below Short-Term Moving Averages
Carrefour's stock is significantly in the red mid-morning, contrary to a nearly stable CAC 40. The retailer ranks among the worst performers on the Paris index, despite no negative catalysts being identified for the stock. The share has fallen below its short-term moving averages.
Carrefour Among the Sharpest Declines in the CAC 40 This Wednesday Morning
Carrefour's stock is down by 2.29% at €16.235, marking one of the sharpest declines in the CAC 40. Only Orange performs worse on the index, with a drop of 3.88%. This movement contrasts with the previous session, where the stock had closed at €16.615, while the Paris index barely lost 0.03%. The retailer thus erases the slight rebound observed at the beginning of the week, following a nearly 5% decline accumulated over the past month. The market context remains marked by the G7 summit in Évian and the Federal Reserve meeting chaired for the first time by Kevin Warsh, with outcomes expected this Wednesday evening.
The Stock Falls Below Its Short-Term Moving Averages and Moves Away from €16.42
Today's decline brings the price below the MM20 at €16.42 (a gap of -1.13%) and below the MM50 at €16.64 (-2.43%), two benchmarks that the stock had regained during the session of June 11. However, the MM200 remains well below, at €14.58, providing a cushion of more than 11% that preserves the underlying trend, consistent with a gain of 26% over the year. The RSI at 53 remains neutral, showing no signs of exhaustion, while the technical support is located at €15.71, about 3% below the current price. In terms of valuation, the consensus of surveyed analysts reveals a multiple of about 9.2 times the expected earnings for the current fiscal year, with an anticipated BPA growth of 6.3% from one year to the next. The session now revolves around maintaining the support level of €15.71, a key level for the short-term technical dynamic.
