Renault stock stands out and gains more than 2% in a sluggish CAC 40
In a CAC 40 practically balanced, Renault stands out this Friday, extending the rebound initiated the day before. The stock even briefly crossed its resistance level during the session before retreating, a sign of genuine buying pressure in a globally sluggish market context.
An intraday resistance breakthrough that consolidates the short-term recovery
The Renault stock gains 2.15% to €29.47 in trading, in a CAC 40 practically at a standstill (-0.03%). The movement is all the more striking as the stock touched €29.74, crossing upward its resistance at €29.72, before retreating below this level. Short-term momentum nonetheless remains well-oriented: the price holds above the 20-day moving average at €28.49 (spread of +3.44%) and the 50-day moving average at €27.28 (spread of +8.03%), two levels that moved higher during Thursday's rebound.
The 200-day moving average at €30.21 remains above the current price and represents the next technical obstacle to overcome. The RSI at 47 is in neutral territory, with no excess in either direction, leaving room for movement in both directions. Over the week, the stock displays +3.77%, and +8.11% over three months.
Disappointing August sales but short positions declining on the capital
The week has been eventful for the diamond-shaped carmaker. August commercial data had penalized the stock early in the week: Renault underperformed the French light vehicle market, which nevertheless advanced 3.6% to 110,132 units. This publication had triggered two consecutive sessions of decline before Thursday's rebound. In the background, the G20 Finance meeting held in Asheville concluded Friday without a joint statement, with China opposing a text targeting "non-market policies"—a structural trade tension that weighs on automakers exposed to Asian markets.
Regarding short positions, six funds cumulate 6.25% of capital sold short according to reported declarations, a high level but declining by 0.58 points over thirty days. This gradual decrease suggests partial relief of bearish bets, without allowing any inference of a sentiment reversal. According to the consensus of surveyed analysts, the stock is trading at approximately 4.5 times the expected earnings of the current fiscal year, a contained valuation that reflects uncertainties weighing on the European automotive sector. The resistance at €29.72, touched today, constitutes the level to monitor going forward.
