AXIA

AXIA remains in Stage 3 distribution with medium- and long-term bearish biases under declining EMAs. The recent bounce off support near the 9-day EMA lacks clear rejection at intermediate resistance. Execution should be deferred until price rallies into the 20/50 EMA cluster and downtrend line and shows a definitive rejection.

• ↑Quarterly revenue 6.4B BRL, +25% YoY from higher demand
• ↑EBITDA 8.6B BRL, +60% YoY due to stronger generation prices
• ↓Ongoing Novo Mercado migration introduces regulatory uncertainty