The upward trend seems to be run out of steam. The downward trend could recover.

From a fundamental viewpoint, firstly, we note the high valuation of the company. The P/E ratio for the current year is at 40.4x and expected at 26.42x for next year. With a valuation ratio of 3.69x, the group appears overvalued compared to its business activity. Regarding the financial situation, leverage is at 4.69x. Debts are estimated at USD 1.7 billion for the current year.

Graphically, the stock went through a period of rebound in recent sessions towards the USD 27.25 medium-term resistance. The share should consolidate near this area. It could act as a stopping point of the upward movement. This scenario suggests a return to the USD 25.7 support area which will be the first bearish objective.

Therefore, the proximity of mid-term resistance suggests a consolidation or a correction phase in the coming sessions. The most offensive will open a short position on the actual level to target a return on the USD 25.7 support. It should protect the position with a stop loss set above USD 27.3.