Nexans Shares Bounce Back by 2.5% and Attempt to Regain Support at €141

A Technical Rebound Bringing the Stock Back to its Short-Term Moving Averages

Nexans shares gain 2.32% to €145.80 in early afternoon trading, up from €142.50 at the previous close. The rebound follows a week of decline by 8.3%, which led the stock to break its support and become the worst performer in the SBF 120 on June 26. The stock has moved back above the support level of €141.10, yet it has not reclaimed its short-term moving averages: the MM20 at €151.31 and the MM50 at €153.82 remain above the current price, by 3.64% and 5.21% respectively. The RSI at 39 indicates an ongoing consolidation phase, without a clear signal of seller exhaustion. In the longer term, the cable manufacturer maintains a favorable orientation, with the price trading around 10% above its MM200 at €132.68, which represents the underlying trend established since spring.

A Supportive European Session Accompanying the Cable Manufacturer's Recovery

The movement occurs within a distinctly upward-oriented European session. The CAC 40 is up by 0.55% at 8,413.6 points, the SBF 120 advances by 0.64%, and the DAX gains 1.52%. The fear index VIX decreases by 5.27% to 17.44, indicating a relaxation of market tensions despite ongoing issues around the Strait of Hormuz and Brent crude's rise above $72. Over three months, Nexans shares have maintained a gain of 27.89%, and 33.03% over a year, despite a 7.96% decline recorded over the last thirty days. The recent period has been characterized by high volatility, with the stock alternating between rebounds and declines: a jump of nearly 5% on June 19 following the inauguration of the cable-laying vessel Electra in Oslo, followed by profit-taking the next week. The reconquest of the MM20 at €151.31 will be the next technical milestone to watch.