Schneider Electric Shares Drop Nearly 2%
Schneider Electric is among the most penalized stocks in the CAC 40 mid-morning. The stock loses ground in a downward trending Parisian market, as the French economic situation shows new signs of deterioration. This movement comes after a rebound that began last week.
The stock drops 2.07% in a CAC 40 under economic pressure
Schneider Electric's stock falls by 2.07% to €271.55, down from €277.30 the previous day. The stock is among the largest declines in the CAC 40, in a Parisian index that is down nearly 1%. The decline is in the context of a deteriorating French economic situation: the Flash Composite PMI index fell to 43.5 in May, its lowest since November 2020, with the services sector at 42.9 and manufacturing at 48.9. However, the stock is still up 25.05% over the year and has risen 4.06% over the week, indicating that the underlying trajectory remains bullish despite today's weakness.
Above the three moving averages, the stock moves away from its May 7 record
Despite the decline, the price remains above the 20-day moving average (MM20) at €269.18 (+0.88%), the 50-day moving average (MM50) at €259.40 (+4.68%), and the 200-day moving average (MM200) at €243.34 (+11.59%). The RSI at 58 remains neutral, showing no signs of exhaustion. The identified support at €255.40 offers a comfortable margin, while the resistance at €282.70 corresponds to the peak recorded on May 6 following the announcement of a record revenue of 9.8 billion euros in the first quarter (+11.2% organically). The all-time high, recorded at €287.90 on May 7, remains out of immediate reach. The stock is now trading approximately €16.35 below its all-time high of €287.90 (current price €271.55). The next technical level to watch for the session remains the MM20 at €269.18, whose breach downward would alter the short-term outlook.
