Michelin Shares Break Through Their 200-Day Moving Average, Hitting a One-Month Low at €29.56

Technical Analysis of Michelin's Performance

This week's technical analysis of Michelin is unequivocal: all available indicators are pointing in the same direction. The share price has broken below the 200-day moving average, which stands at €30.60, closing at €29.94 on Thursday, March 12—a level not seen for several weeks. This break is particularly significant as it follows an attempted rebound on March 10, which was aborted below this same threshold. At the same time, the stock recorded new one-month lows, with extreme points at €29.61 and then €29.56, successively breaking through two reference thresholds at €29.69 and €29.60. These levels, now surpassed on the downside, confirm that selling pressure has not eased despite the 3.66% movement observed at the beginning of the week. The RSI, having dropped to 28, is clearly below the oversold threshold of 30, reinforcing the reading of a stock in technical decline. The three types of signals—crossing of the long average, new monthly lows, and RSI in extreme territory—reinforce each other and show no divergence.

Fundamental Outlook and Financial Calendar

On a fundamental level, Michelin's financial calendar provides useful framing elements. The first quarter 2026 sales will be released on April 29, followed by the half-year results on July 27. These two dates will be the first opportunities to reassess the operational dynamics of the group after a 12.3% decline in the stock over twelve months. The one-month implied volatility stands at 8.71%, in a context where the VIX closed at 24.23 points on March 11, showing slight relaxation. Michelin's beta is close to zero (-0.03), indicating that the stock movement reflects more specific factors to the stock than a correlation with major indices. The technical support identified at €29.94 was touched during the session, while the main resistance now stands far off, at €34.48. The next general meeting is scheduled for May 22, 2026.