Cemex SAB de CV (CX) Stock: Will the Price Sustain Below $6.45?

• The CX share price is trading at $6.20.
• The Q3 2023 earnings reports helped the price to increase by 3.33%.

Cemex SAB de CV is a building materials manufacturer company listed on the New York Stock Exchange. The company produces and distributes building materials such as Cement, Ready-mic concrete, Aggregates, and Urbanization solutions.

Impact of Q3 Result on Cemex SAB de CV Share Price

On 26 October 2023, the CX reported its Q3 results in which it showed an increase in its revenue, net sales, and EBITDA in comparison to its prior Q3 2022 report. However, it faced a decline in its net income by 50% compared to its 2022 Q3 earnings report. The overall earnings report was strong, which helped the CX share price surge by 3.33% in its last intraday session. 

Cemex SAB de CV (CX) Stock Analysis

In the last trading session, the CX share’s price opened with a decline of 0.24% at $5.99 and closed its trading session at $6.20 with a gain of 3.33%. It is a small-cap organization whose market capitalization is worth 9.428 billion USD. 

Price Analysis of CX Stock 1-Day Timeframe

After creating its all-time high of $8.46, the CX share price fell to $5.72 support with a decline of 32%. Only 7.77% has been recovered after it took support from the $5.72 level. Currently, it is trading between the $6.54 resistance and $5.72 support.

The EMA lines have recently shown a bearish crossover where the 50-day EMA has intersected the 100-day EMA from the upside to the downside. As long as the price is trading below the EMA lines, the bears would have control of the price.

The relative strength index is at 45.64 which is marked in neutral territory. The RSI line is sloping in the upward direction indicating the buying pressure applied by the bulls which is making the RSI slope in the upward direction.

In the current scenario, the sellers have an upper hand in comparison to the buyers as the price is trading below the $6.54 resistance and both EMA lines. So we could expect a continuation of the bearish trend if it starts to fall after retesting either from the EMA lines or $5.72. After that, the price can again retest the $5.72 support. However, for the continuation of its further fall, it must close below the $5.72 support, it may fall to its next support at $5.16.

If the price reclaims the $6.45 resistance and also closes above EMA lines, the chance of a bullish rally will increase. After that, it could be able to rise to its next resistance at $7.25.

Conclusion

The CX price sentiment is bearish. The price is trading below the EMA lines and the EMA lines have recently done a bearish crossover which is a bearish signal. As long as the price sustains below the $6.45 resistance and the EMA lines it can resume its downtrend.

Technical levels

Resistance Levels: $7.25 and $6.45.

Support Levels: $5.72 and $5.16.

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing or trading in crypto comes with a risk of financial loss.