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Applus +: bullish bottom opportunity

Applus Services valuation multiples as of July 22, 2021

Applus + is included in the “Gold list of the Spanish Continuous Market, built with the 14 listed companies that present more attractive valuation multiples and that present healthier balance sheets. It is a leading engineering company in the inspection, testing and certification industry with a strong capacity for innovation. It is expected to continue growing at a good pace (+ 7.14% in sales) and has a solid balance sheet for financing new opportunities. For this reason, it receives a positive assessment from a fundamental point of view (see “Fundamental analysis of the engineering sector”).

Applus + on daily chart with amplitude range in percentage, MACD oscillator and trading volume

Applus Services graphical analysis as of July 22, 2021Applus Services graphical analysis as of July 22, 2021

Applus Services graphical analysis as of July 22, 2021

A graphical analysis allows us to appreciate that the stock has found support in the area that acted as resistance for much of the second part of last year (dashed fuchsia lines). Subsequently, the price has rebounded strongly and buy signals begin to be activated in oscillators that are accompanied by a rebound in the trading volume.

If the rebound gains body and the price manages to recover the simple medium and long-term moving averages, the bullish structure built in the last year and a half will be saved. In this case, the next resistance level would be far away, at 9.265, and a scenario of sustained increases could be worked on. Stops should be set below the recent low of 7.48. An overcoming of the intermediate resistance established at 8,430 would confirm the upward turn and allow the stop to be adjusted.

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