Nexans stock rebounds nearly 2% and ranks among SBF 120 gainers
The Courbevoie-based cable manufacturer is recovering ground this Monday, in a quasi-stable SBF 120, partially erasing the decline accumulated over the past week. The stock is evolving in a tension zone between its moving averages, after breaking through and then losing its resistance level of €144.70 in late August.
A rebound of nearly 2% that places Nexans among the top gainers of the SBF 120
Nexans gains 1.98% to €139.30 during the session, in an SBF 120 that advances by only 0.05%. This recovery places the cable manufacturer among the strongest gainers in the index, while the vast majority of stocks are moving in a narrow range around equilibrium. The macro backdrop remains charged: Brent is trading around $97 per barrel, following a week of heightened tensions around the Strait of Hormuz, while markets scrutinize upcoming US inflation data ahead of the FOMC meeting on September 15-16.
In terms of performance, today's advance mitigates a monthly decline of 0.85% and is insufficient to offset the 10% drop recorded over three months. Over one year, however, the stock shows a gain of more than 11%, which testifies to an underlying positive momentum despite recent turbulence.
The price slightly bumps below its MA20, but remains well anchored above its long-term averages
From a technical standpoint, the stock is rebounding from the MA50 (€137.13) and MA200 (€135.39), which have served as support so far, with respective spreads of +1.58% and +2.89% relative to the current price. The MA20, at €140.02, remains slightly above the price (spread of -0.51%), and constitutes the immediate threshold to cross for a clearer technical signal. The RSI at 47 remains neutral, without excess in either direction, which leaves room for movement in both directions.
Beyond the MA20, the resistance at €144.70 was already briefly breached in late August before being abandoned; recapturing it remains the benchmark to watch to confirm a turnaround. On the downside, the support at €124.10 remains far from the current price, more than 10% below. Analyst opinions will be worth monitoring to assess whether this rebound changes the consensus view on this matter.
