Vallourec stock advances 7.16% over one week, despite short positions
The seamless tube manufacturer continues its rebound in a Paris market slightly oriented upward. The movement follows several positive sessions and short positions that have significantly strengthened in recent weeks.
A rebound that places the price above its short-term moving averages
The Vallourec stock gains 2.18% to €18.78 in early afternoon, while the SBF 120 advances 0.32%. The security is now trading above its 20-day and 50-day moving averages, both at €18.44 (spread of 1.84%), while the 200-day moving average at €20.48 remains 8.30% above the current price. Over one week, the gain reaches 7.16%, but the 9.28% decline over three months is only partially offset.
This rebound extends that of previous sessions. The TotalEnergies contract for an offshore gas field in Azerbaijan, announced on October 12 and covering over 16,000 tonnes of tubes, is among the company's recent developments. Vallourec also published on October 15 a detailed presentation of its Cleanwell dry coating, designed to replace grease on well tube connections, a range developed since the early 2000s.
Short positions increase by 1.51 points over one month, with Brent at 106 dollars
The consulted declarations identify five funds positioned to the downside on Vallourec. Their cumulative net short position reaches 3.47% of capital, compared to 1.96% thirty days ago, an increase of 1.51 points. The level remains moderate in absolute terms, but the progression is rapid: it reflects a bearish bet that has significantly strengthened, although we cannot deduce the intentions of the funds concerned.
In another respect, Brent is trading at $106.37 per barrel, up 0.42% on the session and 7.9% since October 6. The steel and iron sector is indirectly sensitive to this, through fuel costs. On the technical side, support stands at €17.53 and resistance at €19.90, or 6% above the current price.
