The brokerage firm Exane BNP Paribas Downgraded Tenaris ( TS ) to an Underperform rating. The technicals agree with the fundamentals. There was a big gap down past the level from the high of October 1st. Today, it couldn't quite make it to that level, let alone reject it. Not the Fibonacci levels correspond perfectly from above and below the close today forming textbook perfect profit targets and stop losses.