The share is meeting an important level. We suggest caution because this point could stop the bullish trend.

From a fundamental viewpoint, the consensus from Thomson Reuters largely revised downward EPS estimates for this year. Moreover, sales decreased by almost 24% in 2012.

Graphically, the stock went through a period of rebound in recent sessions towards the EUR 37.5 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 EUR 35.3 support area which will be a bearish objective.

The technical configuration and fundamentals lead us to predict a consolidation phase, at least in the short term. The EUR 37.5 should play its full role and stop the upward trend. Therefore, to take advantage of this technical correction, a short position may be opened in the current area to target EUR 35.3. In case of further acceleration, the stop loss will be triggered above the EUR 37.5.