Saint-Gobain shares fall 1% and run into their €76.34 resistance
The building materials manufacturer dips in early afternoon, while the CAC 40 remains virtually stable. This decline follows several sessions of marked rebound, and the stock is approaching a threshold it had itself set as a ceiling.
A moderate pullback after a rebound that exceeded 15% in one month
Saint-Gobain shares fall 1.11% to €75.06, while the CAC 40 slips 0.04%. The stock ranks among the largest decliners in the index, behind ArcelorMittal, Kering and Safran. This move tempers a 15.12% rebound over one month, but the stock is still down 10.9% over three months.
The previous day, it had crossed the €76.34 resistance, which remains the level to reclaim: the price now stands about 1.7% below it.
The price is above the 20-day moving average (a gap of +6.38%) and the 50-day moving average (+8.03%), but remains below the 200-day moving average, located at €76.08 (a gap of -1.34%), which concentrates the technical stakes on the €76 zone.
Deutsche Bank's raise to €83 and the construction outlook shed light on the stock
In a recent note dated November 11, Deutsche Bank raised its price target from €80 to €83, while maintaining its "hold" rating. This target is roughly 10.6% above the current price.
On the business side, the construction backdrop remains mixed: the sector climate stood at -20.9 in France and -7.1 in the European Union in October, while housing starts in France rose 24.8% year-on-year on a rolling twelve-month basis.
The group also finalized on November 2 the sale of Dahl in Scandinavia to Kesko for €1.5 billion. The €76 zone remains the key technical level to watch in the coming sessions.
