Milan: downside move for Saipem
(Teleborsa) - Negative trading results for the Italian oil and gas industry contractor as it declines -2.68%.In the last week Saipem underperformed the FTSE MIB index, therefore showing a lower performance than the benchmark.
The medium-term technicals on Saipem remain upbeat. In contrast to the stock's current performance, short-term indicators show its momentum decelerating. At this point, it should come as no surprise, if the growth phase slows as it approaches 2.014. The most immediate support is at 1.951. Expect an adjustment phase to correct medium-term excesses, with a target price of 1.921 to be reached in the near future.
These analyses are to be considered solely for information purposes and are not in any way intended to constitute financial advice, a solicitation of funds from the public or the promotion of any form of investment.
(Teleborsa Research Department)
(Teleborsa) 26-09-2024 09:35