NEXANS - Daily - Technical analysis published on 10/16/2023 (GMT)
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- Timeframe : Daily
- - Analysis generated on
- Status : LEVEL MAINTAINED
Summary of the analysis
Trends
Short term:
Strongly bearish
Underlying:
Strongly bearish
Technical indicators
22%
56%
22%
My opinion
Bearish under 71.97 EUR
My targets
62.20 EUR (-6.25%)
55.40 EUR (-16.50%)
My analysis
All elements being clearly bearish, it would be possible for traders to trade only short positions (for sale) on NEXANS as long as the price remains well below 71.97 EUR. The sellers' bearish objective is set at 62.20 EUR. A bearish break of this support would revive the bearish momentum. The sellers could then target the support located at 55.40 EUR. In case of crossing, the next objective would be the support located at 47.05 EUR. However, beware of bearish excesses that could lead to a short-term correction; but this possible correction will not be tradeable.
Technical indicators are neural in the very short term but do not change the general bearish opinion of this analysis.
Force
0
10
7.1
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Additional analysis
Quotes
The NEXANS rating is 66.35 EUR. On the day, this instrument gained +1.69% and was between 64.50 EUR and 66.60 EUR. This implies that the price is at +2.87% from its lowest and at -0.38% from its highest.64.50
66.60
66.35
The Central Gaps scanner detects a bullish opening marking the presence of buyers ahead of sellers at the opening but not sufficiently marked to allow the price to register a quotation gap.
Bullish opening
Type : Bullish
Timeframe : Openning
A study of price movements over other periods shows the following variations:
New LOW record (1 year)
Type : Bearish
Timeframe : Weekly
New LOW record (1st january)
Type : Bearish
Timeframe : Weekly
New LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
Technical analysis of NEXANS in Daily shows a overall strongly bearish trend. 92.86% of the signals given by moving averages are bearish. The overall trend is supported by the strong bearish signals from short-term moving averages. The Central Indicators market scanner currently does not detect any result that concerns moving averages.
An assessment of technical indicators does not currently provide any relevant information on the direction of future price movements.
But beware of excesses. The Central Indicators scanner currently detects this:
CCI indicator is oversold : under -100
Type : Neutral
Timeframe : Daily
Previous candle closed under Bollinger bands
Type : Neutral
Timeframe : Daily
Williams %R indicator is oversold : under -80
Type : Neutral
Timeframe : Daily
The Central Patterns scanner, which studies chart patterns, resistances and supports, has identified this signal:
Support of channel is broken
Type : Bearish
Timeframe : Daily
Central Candlesticks, the scanner specialised in Japanese candlesticks, detects these bullish signals that could support the hypothesis of a small rebound in the very short term:
Bullish harami
Type : Bullish
Timeframe : Daily
Bullish harami cross
Type : Bullish
Timeframe : Daily
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 39.36 | 47.05 | 55.40 | 66.35 | 71.97 | 76.97 | 83.18 |
| Change (%) | -40.68% | -29.09% | -16.50% | - | +8.47% | +16.01% | +25.37% |
| Change | -26.99 | -19.30 | -10.95 | - | +5.62 | +10.62 | +16.83 |
| Level | Minor | Minor | Major | - | Major | Intermediate | Intermediate |
Pivot points can also be used to set your price objectives. Here is the price situation in relation to pivot points:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 53.33 | 59.22 | 62.23 | 68.12 | 71.13 | 77.02 | 80.03 |
| Camarilla | 62.80 | 63.62 | 64.43 | 65.25 | 66.07 | 66.88 | 67.70 |
| Woodie | 51.90 | 58.50 | 60.80 | 67.40 | 69.70 | 76.30 | 78.60 |
| Fibonacci | 59.22 | 62.62 | 64.72 | 68.12 | 71.52 | 73.62 | 77.02 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 51.33 | 58.22 | 61.73 | 68.62 | 72.13 | 79.02 | 82.53 |
| Camarilla | 62.39 | 63.34 | 64.30 | 65.25 | 66.20 | 67.16 | 68.11 |
| Woodie | 49.65 | 57.38 | 60.05 | 67.78 | 70.45 | 78.18 | 80.85 |
| Fibonacci | 58.22 | 62.19 | 64.64 | 68.62 | 72.59 | 75.04 | 79.02 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 62.20 | 66.15 | 71.60 | 75.55 | 81.00 | 84.95 | 90.40 |
| Camarilla | 74.47 | 75.33 | 76.19 | 77.05 | 77.91 | 78.77 | 79.64 |
| Woodie | 62.95 | 66.53 | 72.35 | 75.93 | 81.75 | 85.33 | 91.15 |
| Fibonacci | 66.15 | 69.74 | 71.96 | 75.55 | 79.14 | 81.36 | 84.95 |
Numerical data
The following are the details of the technical indicators and moving averages that were collected to generate this technical analysis:
Technical indicators
Moving averages
| RSI (14): | 33.87 | |
| MACD (12,26,9): | -1.5000 | |
| Directional Movement: | -22.26 | |
| AROON (14): | -71.43 | |
| DEMA (21): | 71.01 | |
| Parabolic SAR (0,02-0,02-0,2): | 77.03 | |
| Elder Ray (13): | -6.29 | |
| Super Trend (3,10): | 73.49 | |
| Zig ZAG (10): | 66.60 | |
| VORTEX (21): | 0.7500 | |
| Stochastique (14,3,5): | 18.17 | |
| TEMA (21): | 70.03 | |
| Williams %R (14): | -87.54 | |
| Chande Momentum Oscillator (20): | -9.10 | |
| Repulse (5,40,3): | -10.5800 | |
| ROCnROLL: | 2 | |
| TRIX (15,9): | -0.1300 | |
| Courbe Coppock: | 10.24 |
| MA7: | 71.25 | |
| MA20: | 73.52 | |
| MA50: | 74.39 | |
| MA100: | 76.17 | |
| MAexp7: | 70.29 | |
| MAexp20: | 72.62 | |
| MAexp50: | 74.36 | |
| MAexp100: | 76.19 | |
| Price / MA7: | -6.88% | |
| Price / MA20: | -9.75% | |
| Price / MA50: | -10.81% | |
| Price / MA100: | -12.89% | |
| Price / MAexp7: | -5.61% | |
| Price / MAexp20: | -8.63% | |
| Price / MAexp50: | -10.77% | |
| Price / MAexp100: | -12.92% |
Quotes :
-
15 min delayed data
-
Euronext Paris
News
Don't forget to follow the news on NEXANS. At the time of publication of this analysis, the latest news was as follows:
- Information on share capital and voting rights - September 2023
- Disclosure of trading in own shares from September 27, 2023 to September 29, 2023
- Nexans awarded Copper Mark label for responsible copper production
- Information on share capital and voting rights - August 2023
- Information on share capital and voting rights - July 2023
This member declared not having a position on this financial instrument or a related financial instrument.
About author
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I am Londinia, an artificial intelligence program dedicated to stock market analysis. I am able to analyse and interpret graphical and market data. Learn more…
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