Spineway stock breaks below its 0.10 € support level and loses 16.5%
The spine equipment manufacturer's stock collapses during the session following a quarterly turnover in sharp decline. The drop has pushed it below the floor it was defending until now.
A 0.10 € support breached during the session, well below moving averages
The Spineway share retreats 16.52% to 0.097 €, compared with 0.1162 € at the previous close. The stock broke through its 0.10 € support during the session and remains below it, placing it 11.82% below its 20-day moving average and 30.71% below its 200-day moving average. Today's decline is added to a 25.38% fall over three months, while the CAC 40 gains 0.4% and the SBF 120 advances 0.5%.
The RSI at 51 remains neutral: the session does not leave the stock in oversold territory, the decline being very marked but isolated over one day. The price is now far from the 0.13 € resistance level, which the stock should recover to return to its previous configuration.
Third quarter down 25%, concentrated in Latin America
Spineway published on October 15 a turnover down 25% in the third quarter, at 2.3 M€. Over the first nine months, sales reached 8.0 M€, compared with 8.6 M€ a year earlier. The group attributes this decline to supply chain difficulties from certain subcontractors, while judging the overall commercial momentum to be well-oriented.
The decline is not uniform: France and Asia are advancing, while Latin America accounts for the bulk of the decline. Spineway also appointed its financial director, Erwan Martin, as deputy general manager. The stock, down 51% over one year, therefore remains dependent on the next sales publications.
