Rexel stock breaks through its 35.40 € support and slides towards a floor

A 35.40 € support broken and three moving averages lost simultaneously

The session is difficult for Rexel: the stock loses 3.23% to 35.33 €, after breaking through its 35.40 € support during the session, where it remains stuck below this level. The decline places the stock below its three reference moving averages: the MA20 at 36.29 € (gap of -2.65%), the MA50 at 37.05 € (gap of -4.64%) and the MA200 at 35.82 € (gap of -1.37%). This simultaneous fall below the three moving averages reflects a notable technical deterioration, especially since the value had already fallen below its first moving averages on September 10, erasing part of the rebound built at the start of last week.

Over one month, the decline now reaches nearly 6%, while the 37.95 € resistance appears distant. The RSI at 49 remains neutral, without marked signs of selling exhaustion at this stage. The rank of 110 out of 120 in the SBF 120 places Rexel among the strongest declines of the index this Monday.

A deteriorated macro context and H1 fundamentals under pressure on debt

The session is taking place in a globally pressured environment. The VIX jumps nearly 14% intraday, the CAC 40 falls 0.78% and the SBF 120 declines 0.77%, against the backdrop of a "super week" for central banks: the Fed meets Wednesday, the Bank of England Thursday and the Bank of Japan Friday. Markets assess the probability of a 25 basis point Fed rate hike at 85-90%, following U.S. inflation at 3.4% in August. Meanwhile, Brent has climbed to 108.41 $/barrel this morning, the highest of the year, due to tensions in the Middle East and the closure of the Saudi East-West pipeline.

This context of rates and energy weighs on the valuation of values exposed to construction and equipment demand, such as Rexel. From a fundamental perspective, the H1 2026 results published on July 27 had highlighted a net debt increase of 690 M€ since end of 2025, to 3,322 M€, and a slight deterioration in operating working capital requirement to 16.3% of sales. The company had nevertheless raised its 2026 targets, with an order backlog announced in progress. The next level to monitor remains the 35.33 € zone, last session price, below which the stock has no identified technical floor in the short term before approximately 34 €.