Michelin stock falls 2% and tests its support level at €34
The shares of the Clermont-based tire manufacturer declined sharply on Thursday, in a CAC 40 index also moving lower. The session places the stock in a delicate technical configuration, at the level of a nearby support threshold, as the Paris index falls nearly 1% during the session.
A decline that brings the price to the level of the 50-day moving average
Michelin lost 2.19% to €34.37 during trading, in a Paris market that retreated, with the CAC 40 falling 0.97%. The stock finds itself at the level of its 50-day MA at €34.42, with a gap of only 0.15%, and has fallen below its 20-day MA at €34.58. This downward crossing of the 20-day MA signals a short-term weakening, while the technical support at €34.01 constitutes the next zone to monitor if selling pressure persists.
The RSI at 58, still in neutral-bullish territory, does not indicate marked buyer exhaustion: the configuration remains open. Over one year, the stock still gains over 9%, and over three months the advance exceeds 13%, which attests to a solid underlying trend despite today's decline.
A deteriorated market context, with Brent crude in sharp decline during the session
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The VIX at 14.88 signals a relatively calm environment for markets overall, slightly lower compared to the previous session (15.45). In this context, the decline of Michelin shares is part of a broader movement in cyclical stocks in the CAC 40, with several industrial and financial titles posting sharper declines. Furthermore, Brent fell 6.53% during the session to $86.15 per barrel, extending a decline of nearly 3% since mid-August.
For a tire manufacturer whose production costs include petroleum derivatives, this crude oil decline can indirectly weigh on margin expectations, even though the link remains indirect. The analyst consensus on the stock will be worth monitoring ahead of the next earnings releases. In the meantime, the support level at €34.01 remains the short-term technical reference for this session.
SectorAutomobile et mobilité›Équipementiers automobiles
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Context
Period
Period: 9M 2026
Key reported figures
Revenue: 19 175 millions d'euros
Quarterly revenue: 19 175 millions d'euros
Revenue growth: -0,5 %
Guidance from the release
Michelin confirms its full-year guidance, targeting growth in segment operating income at iso-forex and iso-scope compared with 2025, and over €1.6 billion in free cash flow before M&A.
Risks mentioned
Faiblesse persistante de la Première monte, qui fait reculer les volumes pneumatiques du Groupe de 0,8 % à fin septembre, en particulier en Tourisme Camionnette en Europe et en Amérique du Nord (en Chine, les ventes du Groupe progressent sur un marché en recul de 7 %)
Concurrence des pneumatiques importés à bas prix, notamment d'Asie, qui pèse sur les marques Tier 2 en Amérique du Nord, Tier 3 dans les principales régions et sur le Poids lourd en Amérique du Sud
Faiblesse persistante des Convoyeurs, liée à la prudence des clients miniers en matière de dépenses et à la faiblesse du marché du minerai de fer, notamment en Australie
Opportunities identified
Expansion de Polymer Composite Solutions soutenue par les acquisitions de Cooley Group, Flexitallic et TexTech en 2026 (chiffre d'affaires +21,9 % publié, -2,7 % hors effet de périmètre à cause des Convoyeurs)
Activité Mines en croissance, avec des gains de parts de marché, qui compense la pression sur le Hors-la-route (segment Spécialités -0,9 % publié, +0,4 % à périmètre comparable)
Dynamique positive de la marque MICHELIN en Remplacement avec volume de +4% en fin septembre
Outlook / guidance
Management commentary: Michelin confirms its full-year guidance, targeting growth in segment operating income at iso-forex and iso-scope compared with 2025, and over €1.6 billion in free cash flow before M&A.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
