Engie confirms 2020 outlook

An office of traders with multiple trading screens
Blue avatar for FOREX.com guest contributors
By :  ,  Financial Analyst
Engie, the electric utility company, announced that 9-month current operating income dropped 27.9% on year to 2.8 billion euros and EBITDA slid 13.0% to 6.2 billion euros on revenue of 39.6 billion euros, down 8.5% (-8.1% organic growth). The company said it "saw a strong financial recovery in Q3 following a significantly impacted Q2" and confirmed its full-year net recurring income guidance of 1.7 - 1.9 billion euros.

From a chartist point of view, the stock price is navigating choppy waters within a short term trading range. The 50WMA is still descending while the weekly RSI (14) is around its neutrality area at 50%. We would recommend waiting for a significant breakout in either direction for the stock to establish a bias. A weekly closing price above 12.5 would open a path to see 14.36 - 15.16 zone.

Source: GAIN Capital, TradingView


Related tags: Equities Coronavirus CAC

Open an account in minutes

Experience award-winning platforms with fast and secure execution.

Live Trading Webinars

Our interactive webinars, led by our industry experts, come highly recommended and can help provide your trading with the edge it needs.
Economic Calendar