Milan: Saipem on the rise
(Teleborsa) - Another bullish cue from the Italian oil and gas industry contractor as it trades with a good +1.9% gain.Comparing the share price trend with the FTSE MIB on a weekly basis, we see Saipem maintaining relative strength over the index, as it exploits a greater performance than the index (weekly share performance of +13.1%, versus a -0.98% gain in the index).
The technical status of Saipem shows that the security's performance is increasing in the short term, with the first resistance area identified at the 2.429 Euros level. There is the risk of a possible correction towards the target of 2.367. Yet, we expect a rise of the bullish trend line towards the resistance area at 2.491.
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) 06-28-2024 12:30 PM