THE revenues in fact, in the quarter they amounted to 1.7 billion (-7% y / y). THE'Ebitda instead, at 322 million, it registered a drop of 18% y / y and thehelpful it stood at 101 million, down 59%. But above all, it was the guidance not to like the market. In fact, management has announced that during the third quarter, drilling activity in US oil shale has decreased further, as operators have chosen to prioritize investor returns over production growth and to keep spending within budget limits announced at the beginning of the year. Management does not expect a resumption of bituminous shale drilling in the United States for 2020. In Canada, the situation is similar, with drilling activity down compared to last year and no recovery expected in the season of winter drilling. In the fourth quarter, therefore, management estimates a drop in sales due to the price component and the slowdown in activity in the USA and Argentina. However, margins should not fall thanks to cost-efficient operations.
Technical Analysis: a phase of price consolidation is likely
From a graphic point of view, Tenaris's technical picture remains in doubt. Prices, after testing the key support that blocked the long-term downtrend in 2019, attempt a rebound.
Yesterday's gap down would seem to be a gap of exhaustion, which could allow prices to stabilize, perhaps with a lateral of a few months between 9 and 11 euros. The very strong volumes make us think of an exhaustion gap. In addition, RSI also reports a strong divergence on the lows starting from December 2018. In this scenario, exceeding the 9.63 euro at the end could confirm a change in sentiment of short and target at 10 and 11 euros. On the other hand, a break of the 9 euros could bring the prices back to the minimum of 8.5 euros (a level that Tenaris has not seen since 2016).
Source link
https://www.finanzaonline.com/notizie/tenaris-dopo-gap-di-esaurimento-tenta-il-rimbalzo
Dmca
