Nexans Shares Drop 1.5% and Threaten Support at €141
The French cable manufacturer slips in mid-morning trading, erasing some of the previous day's gains. The stock falls below key technical thresholds, in a Parisian market trending downward.
The Stock Dips Below the 20-Day Moving Average at €150.55 and Approaches Its Support at €141.10
Nexans shares are down 1.58% at €143.00 during the session, while the SBF 120 index is down 0.30%. The stock erases the rebound recorded the previous day, where it had attempted to regain footing above €141, as shown in Tuesday's session. The price is now 5% below its 20-day moving average (€150.55) and 7.1% below its 50-day moving average (€153.98), a configuration that reflects a short-term loss of momentum after the spring rally. The support at €141.10 is less than 1.5% away, a threshold that had already been breached on June 26 during a nearly 3% drop. The RSI at 43 remains neutral, with no marked oversold signal. However, the medium-term trend remains upward, with the price still 7.7% above its 200-day moving average at €132.74.
A Correction That Only Partially Erases the Quarterly Rally of +24%
Over the month, the stock is down 9.7% and has lost 5.4% over the week, but it still maintains a gain of 24.5% over three months and nearly 29% over a year. Today's movement is part of a consolidation phase following the mid-June launch of the cable-laying vessel Electra in Oslo and the early June completion of the acquisition of American company Republic Wire, both of which had supported the stock. The European macroeconomic context remains favorable for rate-sensitive stocks, with harmonized inflation returning to 2% in France in June, fueling expectations of a European Central Bank status quo. The next key event to watch is the reconquest of the €150 zone, corresponding to the 20-day moving average, while the support at €141.10 will be the first level to hold to maintain the medium-term structure.
