Short term view - VALLOUREC : The moving average is supporting prices.
The trend is still bullish. No indicator nor pattern are questioning it. The invalidation is below €4.830. The target is at €6.060Arguments :
- The major support has been reached, it causes the bounce.
- The moving average is supporting prices.
Vallourec is a holding company. Through its subsidiaries, Co. supplies tubular solutions, mainly for the energy markets as well as other industrial applications. Co.'s activities can be divided into two segments: the Seamless tubes segment (production of hot-rolled seamless carbon and alloy steel tubes, both smooth and threaded, for the oil and gas industry); and the Speciality Products segment (production of stainless steel and titanium tubes as well as specific forming and machining activities). Co. is organized into four divisions: Energy and Industry division; Oil Country Tubular Goods division; Drilling Products division; and Brazil division.
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