Snam announces sale of 10 million De Nora shares: Will SRG hold the MA-20?

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Snam stock edges higher at €5.64

Highlights

Snam is selling approximately 10 million shares of Industrie De Nora to institutional investors, representing about 5% of De Nora's share capital.
Snam stock trades at 16.9 times trailing earnings and has a market value near €19.83 billion on trailing revenue of €4 billion.
Industrie De Nora stock edges higher on the day, trading at €5.64.

Snam announced the sale of about 10 million ordinary shares of Industrie De Nora to institutional investors. The transaction, conducted via an accelerated bookbuilding process, represents approximately 5% of Industrie De Nora's share capital, according to Il Sole 24 ORE. The sale aligns with Snam's asset rotation strategy outlined in its industrial plan, Teleborsa reported.

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Direction uncertain as Snam tests MA-20 support with overbought signals

Price is sitting right at support from the MA-20 at €5.636, providing a key area for buyers to defend. Shares of Snam are currently below the MA-50 and MA-200 but above the MA-20, reflecting a split daily structure that leaves direction uncertain. The Stoch RSI is in overbought territory, which limits the room for further upside and makes additional gains harder to sustain.

Odds favor further downside as traders eye MA-20 closing level

To see whether the recent event is being fully reflected in price, traders should monitor for a close above €5.656 or a drop below €5.636. During the session, shares reclaimed the MA-20 at €5.636 after having closed below it in the previous session. Even so, from here the probability of further gains over the next five trading days is 33%, while the probability of a downside move is 67%, with an expected trading range between €5.526 and €5.753. A close above €5.656 would indicate buyers are willing to follow through, while a drop below €5.636 would suggest the move is being faded. On the weekly chart, the longer-term picture stays negative.

Earlier, analysts noted that Snam’s shares were under pressure, with technical signals highlighting a bearish trend dominating the outlook. The recent share sale and subsequent price action add a fresh catalyst to the picture, while a sustained hold above the €5.636 level or a clear breach below it could signal the next directional move for traders to monitor.

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