Spie Share Falls Nearly 2.5% and Breaks Below Its Three Moving Averages
Selling pressure intensifies on the multi-technical services specialist's stock during a difficult session for the SBF 120. The decline occurs as the technical configuration has significantly deteriorated over several weeks, with the share now trading well below its three main moving averages.
A Decline That Amplifies the Correction Underway for Several Weeks
The Spie share drops 2.59% during the session, to €43.58, in an SBF 120 itself down 1.05%. Today's decline extends a broader correction movement: the share has lost nearly 10% over one month and more than 11% over three months. Over the week, the decline already reaches 5.51%, well beyond the index's trend.
This context contrasts with the brief rebound recorded in early August, when the share came back to test its 200-day moving average after a marked monthly decline. This level did not hold: Spie is now trading clearly below its three moving averages, with a gap of 6.30% below the 20-day MA (€46.51), 8.90% below the 200-day MA (€47.84) and 9.70% below the 50-day MA (€48.26). The RSI at 31 is approaching the oversold zone, reflecting the exhaustion of demand over the recent period.
Short Positions on the Rise, Reflecting Increased Institutional Selling Pressure
According to declarations reviewed, four funds account for 3.77% of Spie's capital sold short, compared with 2.87% thirty days ago, representing an increase of nearly 0.90 percentage point in one month. This level, above the symbolic 3% threshold, signals a bearish institutional presence that has significantly strengthened in recent weeks. These positions do not allow us to conclude to irreversible distrust (shorts can also hedge long exposure), but their scale and progression warrant close monitoring.
The analyst consensus remains for now at a distance from the current price. The nearest resistance is identified at €48.80, more than 12% above the current price, while the immediate resistance corresponds to the former support at €44.74, which the share gave way to in the previous session. For the record, when publishing its half-yearly results in late July, Spie posted accelerated organic growth of +3.1% in Q2 and an EBITA margin of 6.2%, but this fundamental momentum has not been sufficient to stem the downward pressure on the share since then.
