Derichebourg Shares Drop 2.5% Breaking Below the €9.54 Support
In the midst of the trading session, the metal recycler ranks low in the SBF 120, moving against a stable Parisian market. The stock has broken a technical threshold monitored over several sessions, amidst emerging legal proceedings targeting its German acquisition.
The Stock Breaks Below Its €9.54 Support and Falls Under Its Short-Term Averages
Derichebourg shares are down 2.72% at €9.48 midday, among the steepest declines in the SBF 120. The stock has broken through its €9.54 support during the session, a level that had held during previous downturns. Concurrently, the price has significantly fallen below its short-term moving averages, the MM20 at €9.90 and the MM50 at €9.82, marking a gap of about 4% with each.
The RSI at 46 remains neutral, suggesting that today's movement is more of an orderly correction rather than an acceleration of selling. The underlying trend remains strong: the stock is still up nearly 62% over the year and trades 19% above its MM200 at €7.96.
Legal Dispute in Hong Kong Over Scholz Recycling Case
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Today's decline follows the statement released on July 8, in which the group reported being aware of a lawsuit initiated by Chiho Environmental Group before the High Court of Hong Kong. The legal action challenges the validity of the appointment of independent receivers over Scholz Recycling, a German recycling holding company, which the French group has secured as part of its ongoing acquisition. Based on earnings per share expectations, the stock is priced at about 9.6 times the results of the current fiscal year according to the consensus of surveyed analysts. The next technical marker is around the MM50 at €9.82, now crossed downwards and to be watched as a potential resistance zone.
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