The car company maintains an upward trend that started from the annual lows of last year.

The car company maintains an upward trend that started from the annual lows of last year.

The car company maintains an upward trend that started from the annual lows of last year.

Renault factory in Valladolid.

Renault widen the gap with your competitors. In addition, it consolidates its leadership as the company with the best performance in this 2022 within the CAC 40.

After a really turbulent period for the sector, given the general situation of the coronavirus and the crisis generated by the shortage of semiconductors, the automobile company has just presented its annual results for 2021. In them, it reaches a net profit of 888 million eurosamong other reasons for the efficient reduction of costs.

On a technical level, the action maintains an upward trend started from the annual lows of last year, marked at the end of December. This course has led to a revaluation since then of more than 30%.

The breakout to the upside of the current resistance at 36 euros per sharewhich is equivalent to the 61.8 Fibonacci retracement level, is a great buy signal for the investor who may see a next target level around 40 euros.

RENAULT

RENAULT
XTB

A second bullish target level in the long term it stands at 50 euros per share. To reach these levels, the new releases for the coming months and the development dedicated to the sustainability They will be key factors in your success.

as price of stop loss, we will mark the level of 32.90 euros per share. An elevation indicated by the previous growing maximum.

***Manuel Pinto He is an XTB analyst

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