TotalEnergies Shares Climb 1.5% and Lead the Pack in the CAC 40
The French oil major positions itself at the forefront of the CAC 40 on Monday morning as tensions in the Middle East boost oil prices. The rebound comes after a challenging June for the stock, which remains distant from its short-term moving averages.
Oil Prices Rise Amid New Escalation Between Washington and Tehran
TotalEnergies shares gained 1.65% to €69.51 during the session, compared to a 0.07% increase for the CAC 40 at the same time. The stock ranks second in the index, behind Orange (+2.27%). The session follows a surge in Brent crude, which rose 3.38% to $78.58 a barrel, as the United States conducted a new wave of strikes against Iranian targets over the weekend. The Revolutionary Guards claimed attacks on American bases in Kuwait and Bahrain, with each side asserting control over the Strait of Hormuz, through which about 20% of the world's traded oil and liquefied natural gas passed before the conflict. The oil major is experiencing dynamics similar to those of the July 8 session, where it had already benefited from a spike in oil prices due to geopolitical tensions.
A Rebound That Still Does Not Close the Gap to Short-Term Moving Averages
Despite today's rise, the stock remains 7.22% below its MM20 (€74.92) and 9.13% below its MM50 (€76.49), reflecting a heavy June (-9% over thirty days). However, the MM200 at €64.00 remains 8.61% below the current price, preserving a medium-term bullish orientation. The RSI at 31 indicates a state close to overselling, consistent with the quarterly decline of 11.58%. The stock is just below its support threshold of €70.34, which it broke through at the end of June and now serves as a zone to reclaim. Based on the expected earnings per share, the stock is trading at approximately 7.1 times the earnings for the current fiscal year, according to the consensus of surveyed analysts. The trajectory of oil prices remains the main guiding thread for the coming sessions, in a context where the global supply remains, according to the IEA, 9.4 million barrels per day below pre-conflict levels.
