Nexans Shares Tumble 2.93%, Breaking Support and Becoming the SBF 120's Laggard
The French cable manufacturer continues its decline mid-morning, sinking to the bottom of the broader index. The stock breaks a technical support level that had been monitored for several sessions, diminishing some of the gains made over the quarter.
Nexans at the Bottom of the SBF 120, Under Pressure from a Broken Support at €144.90
Nexans shares fall by 2.93% to €142.30 mid-morning, taking the last position in the SBF 120 as the index drops by 0.39%. The stock has broken through its support level at €144.90 during the session and remains below it, paving the way for a potential move towards the €140 zone. The decline brings the weekly loss to nearly 8% and about 12% over the month, despite still posting a positive performance of over 19% over three months. The session occurs in an unfavorable Parisian climate, with the CAC 40 down by 0.37% and the VIX climbing nearly 6% to 19.74.
A Technical Slide Erasing Part of the Spring Rebound
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The stock price is now significantly below its 20-day moving average (MM20) at €152.89 and 50-day moving average (MM50) at €153.65, with a gap of around 7% confirming the break in the short-term upward momentum. However, the 200-day moving average (MM200) remains supportive at €132.58, about 7% below the current price, which limits the correction in the long-term trend. The RSI at 42 indicates buyer fatigue without signaling oversold conditions.
The movement extends the sequence that began last week, when the stock fell below its 20-day moving average following the inauguration of the cable-laying vessel Electra in Oslo on June 18. The 140-141 € zone will be the next technical marker to watch.
Nexans impose comme un partenaire de choix pour soutenir la souveraineté énergétique.
Croissance organique robuste des activités d’électrification de +4,9 %
Risks mentioned
Baisse de la demande chinoise.
Droits de douane américains affectant les Autres activités.
Opportunities identified
Acquisition de Republic Wire pour renforcer le positionnement de Nexans.
Élargissement de l'empreinte industrielle en Amérique du Nord.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
