Crédit Agricole stock breaks its €16.64 support level and erases previous day's rebound
The green bank declines sharply at midday, in a CAC 40 also oriented downward. The security ranks at the bottom of the Paris index table, at a time when French debt remains at the center of market concerns.
A support level broken during the session, below all three moving averages
Crédit Agricole stock falls 2.92% to €16.62, after breaking through its €16.64 support during the session and failing to reclaim it. The decline places it among the sharpest falls in the CAC 40, which itself loses 1.05%. The price is below its three moving averages: the MA20 at €17.95 (gap of -7.44%), the MA50 at €18.69 and the MA200 at €17.68.
Over one month, the loss reaches 11.65%, and the RSI at 34 approaches the oversold zone without entering it. Following the October 2 session, when the security had already abandoned its €16.92 support level, the October 6 rebound therefore did not hold.
French debt under pressure and two announcements from CACEIS and Odysséa
The bond market remains under pressure: the 10-year OAT was at 4.72% on October 6 according to the Banque de France, a spread of 127 basis points above the Bund, while the State's budget deficit reached €159.6 billion at the end of August. The group carries sovereign debt on its balance sheet, and the domestic banking sector remains historically sensitive to tensions in French sovereign rates. On the company side, CACEIS, its investor services subsidiary, announced on October 6 the takeover of Edmond de Rothschild's asset servicing activities in Luxembourg, subject to CSSF approval.
The group also renewed its partnership with Odysséa, extended to nine cities by 2027. Based on the consensus of surveyed analysts, the stock is trading at 7.2 times current fiscal year earnings. The €16.64 support level is now the level to reclaim.
