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Technical analysis: ENGIE (#ENGI)

Engie SA is a French multinational of electrical services, based in La Défense, Courbevoie, which operates in the sectors of energy transition, generation and distribution of electricity, natural gas, nuclear, renewable energy and oil.

Engie (#ENGI) has entered a bearish channel since January 2021 and we believe the conditions may now be for a good short-term bullish momentum.

  • Reverse setup at EUR 11.00: this level acted as support level for the majority of 2020

  • MACD, although well below 0, is crossing to the upside. This confirms the negative momentum of the stock, highlighting however the possibility of a rise in the short term

  • Positive divergence between RSI and price: comparing the period March 2021 - July 2021, we see higher lows in the RSI but lower lows in the price. This setup supports our short-term bullish view.

Entry range EUR 11.30 - 11.53

Target 1 EUR 12.00

Target 2 EUR 13.00

Stop loss EUR 10.80

OTB Global Investments

26 July 2021

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