(News Bulletin 247) – The implementation of a hedging strategy is essential, in the current market conditions. To meet this need, a “short” operation on NEXANS shares is a perfectly appropriate response.

KEY GRAPHIC ELEMENTS

The daily data chart analysis of the NEXANS share allows us to identify a downtrend in the short term as well as in the medium term. Among the dominant chart factors, we noted the presence of a bearish gap in NEXANS share prices. Ample, formed on April 5 and only partially nibbled away since, this quotation gap marked a surge in the selling camp. In terms of trend indicators, the 20-day moving average (in dark blue) acts as resistance for prices. The technical reading in Japanese candlesticks identifies a black marubozu pattern dating back to the 03/24/2023 session. According to the Japanese candlestick analysis, the black marubozu (or long black) has negative consequences for prices. In the immediate future, the action is about to come out from the bottom of a bevel pattern (wedge).

FORECAST

Considering the key chart factors we have mentioned, our view is bearish on NEXANS stock in the short term.

The News Bulletin 247 team therefore suggests that active investors bet on this bearish scenario, by short selling the NEXANS share price at €78,600 and aiming for a target of €65,010. It is highly recommended to place a stop order at €83,210.

The News Bulletin 247 board

NEXANS
Negative 78.600 €
Objective :
65.010 €
Potential :
+17.29%
Stop:
83.210 €
Resistance(s):
81,000 / 94,400 / 96,800
Medium(s):
72,800 / 65,000

CHART IN DAILY DATA

Graphic made from the software Prorealtime



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