Safran shares fall 2.5%, down 19% over the quarter
The aircraft engine maker resumed its decline in the morning, in a Paris market hit by the global correction in technology stocks. This drop comes a few days after a weekly rebound, and it once again pushed the stock further away from its medium-term moving averages.
A relapse below the MM20 that erases part of the week's rebound
Safran shares fell 2.49% to €290.20 during the session, while the CAC 40 dropped 1.43%. The stock fell back below its MM20, at €296.25 (a gap of -2.04%), which it had just regained at the beginning of the week after a 4.01% rebound over seven days.
Over the period, it retains a weekly gain of 4%, but it remains down 12% over one month.
The 50- and 200-day moving averages, both around €316, are respectively 8.11% and 8.14% above the share price. In the CAC 40, the stock ranks in the bottom half of the day's ranking, far from the steepest declines led by Capgemini (-3.52%).
The session's decline follows the October 23 drop, after third-quarter results
Safran's slide is part of a longer-term trend: the stock has lost 19% over three months, a large part of which has occurred since the publication of its third-quarter revenue.
On October 23, the group had announced adjusted revenue of €9,003 million (+14.7%), with growth in spare parts slowing, while confirming its annual targets.
The stock had then lost 8.5% during the session. The RSI at 43 remains neutral, far from the oversold zone reached at the end of October. The €271.80 support, tested on October 29 before a rebound, is the technical level to watch if the decline continues.
