Vallourec share abandons the 17.75 € level, short positions nearly double
The seamless tube manufacturer closes the afternoon in the red, running counter to oil prices. The stock loses a technical level that has been tracked for several weeks, in a Paris market slightly oriented downward.
A support breached during the session while Brent climbs above 104 dollars
The price of Vallourec shares falls 2.29% to 17.51 €, after breaching its support level of 17.75 € during the session. It remains below this threshold, with the last recorded price at 17.42 €. The decline extends a longer-term movement: -7.18% over one month, with the price 6% below its 20-day moving average (18.62 €). The RSI at 42 remains in neutral territory.
The decline is all the more notable as Brent gains 4.38% to 104.59 dollars per barrel, a rise that generally benefits the oil pipe sector. The CAC 40 declines 0.27% and the SBF 120 by 0.37%. Vallourec ranks among the weakest, well ahead of the red lantern OPmobility but notably lagging the index.
Short positions rise to 2.76% of capital, TP Icap Midcap price target lowered to 24 €
According to the declarations consulted, four funds cumulatively hold 2.76% of capital sold short, compared to 1.45% thirty days ago. The increase of 1.31 points in one month is rapid. It reflects more pronounced selling pressure than previously, although available data do not allow clarifying the motivations: exposure hedges may also be involved.
On the analyst side, TP Icap Midcap lowered its price target on October 6 from 25 € to 24 €, while maintaining its buy rating. This target leaves an upside potential of approximately 37% relative to the current price. The stock is also down 14.08% over three months, and the next technical level being tracked remains its support at 17.75 €, now breached.
