EssilorLuxottica shares hit resistance at €191.95 and fall 2%
EssilorLuxottica retreats during the session, in a Paris market that is strongly bearish. The stock, which has come off a sharp rebound since its quarterly sales, is stalling below a level that had already halted it last week.
A 1.95% decline following a month of strong recovery
The EssilorLuxottica share price fell 1.95% to €188.20, compared with €191.95 at the previous close, a level that corresponds to its resistance. The decline remains modest in light of the 30.24% rise recorded over one month, and the stock remains above its 200-day moving average (MM200) at €181.99, a gap of 3.41%.
The CAC 40 fell 1.65% at the same time, following a sharp correction on Wall Street on Thursday, where the Nasdaq lost 5.52%. EssilorLuxottica ranks in the lower part of the index without being among its largest decliners. The stock had broken above €186.90 on Wednesday, before running into resistance at €191.95.
Third-quarter revenue up 7.2%
The stock's rebound is based on the October 20 release, with third-quarter revenue of €7,486 million, up 7.2% at constant exchange rates.
In this release, direct-to-consumer sales rose 10.6%, with comparable store sales up 6.8%, and myopia management solutions up 24% over nine months.
S&P upgraded the group's long-term credit rating to A+ on October 23, with a stable outlook. Despite this rise, the stock remains 40.5% below its level of one year ago. The RSI at 68 is approaching overbought territory, and resistance at €191.95 remains the nearest level.
