Renault Shares Bounce Nearly 2% After Testing Support at €26.81
The diamond-shaped logo manufacturer regains momentum mid-session in a well-oriented Parisian market. The stock recovers after briefly breaking through a technical threshold early in the day, as bearish bets have increased over the month.
Renault's Stock Progresses Amidst CAC 40 Gains
Renault shares advance by 1.41% to €27.35, within a CAC 40 that is up 0.84% at 8,268 points. The stock is among the top gainers in the index, contrasting with the dynamics of recent weeks. During the session, the share price even dipped below its support at €26.81, reaching a low of €26.66, before climbing back above. This rebound occurs as the stock operates below its three moving averages, with a gap of 2.88% below the MM20 at €28.16 and 15.66% below the MM200 at €32.43. The RSI at 39 remains in the low zone without hitting oversold, indicating seller fatigue after a decline of 4.37% over the month.
Bearish Bets Strengthen Despite New Variant of the Electric Renault 4
According to reviewed statements, four funds cumulate a net short position of 4.70% of the capital, up by 0.72 points over thirty days. This level, above the 3% threshold generally considered significant, reflects an institutional positioning still cautious on the stock, without indicating a sudden movement of defiance. Industrially, the manufacturer unveiled on Tuesday the Renault 4 E-Tech Plein Sud, a leisure variant of its electric city car. The announcement is part of a roadmap presented in early June to consolidate the group's position in the French electric market. However, the commercial context remains tense: the group's registrations fell by 9.8% in May in the French market, contrary to a market that rose by 1%. In the short term, the behavior of the share price around the €26.81 support remains the technical element to watch.
