Carrefour: on its 2012 price levels

Carrefour: on its 2012 price levels

CARREFOUR recently released its first-quarter sales, which reported an increase of 0.4% to 20.77 billion euros, slightly less than 20.90 billion expected by the consensus. The distributor has suffered from unfavorable weather in Europe, strikes that hit some French stores, a competitive environment that is hardening and deflation in the food in Brazil. From a graphical point of view, the stock is dominated by the seller’s current since last February, the opening of a bearish gap causing a return of prices in contact with the support at 16.40EUR. The breaking of this threshold with a new gap confirms that the momentum remains bearish, the value evolving on its lowest levels for five years. So many elements that plead for a continuation of the downward movement, towards the next support located at 14.60EUR. Only the overflow of 16.40EUR would invalidate this scenario.

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