TotalEnergies Shares Climb 1.35% Amid a Declining CAC 40
TotalEnergies significantly advanced this Wednesday, March 11, moving against the trend of a CAC 40 that fell by 0.36% during the session. The stock is trading around 69.67 euros, up 1.35% from the previous close of 68.74 euros. The major oil company benefits from the turbulent context in the energy markets, following a period of historic volatility in crude oil.
Exceptional Oil Price Volatility Benefits TotalEnergies
The TotalEnergies stock is capitalizing on the exceptional recent volatility in oil prices. After a 30% surge within a few hours on Monday, which pushed Brent crude to nearly 120 dollars, followed by a decline of more than 11% on Tuesday, prices stabilized on Wednesday around 91 dollars, below the symbolic threshold of 100 dollars. WTI is priced at 86.81 dollars. This relative normalization follows the escalation of conflict in the Middle East, which triggered unprecedented market movements, as noted by ECB President Christine Lagarde. In this context, the Parisian oil group has shown a weekly performance of 2.31% and an increase of nearly 25% over three months. The next major financial event is scheduled for April 29, with the publication of the first quarter 2026 results, while the detachment of the third dividend installment is planned for March 31. Moreover, on March 9, Goldman Sachs raised its price target on the stock from 60 to 68 euros, while maintaining its recommendation to hold. This revised target is now below the current price of 69.67 euros, implying a potential decline of about 2.4% according to this assessment.
Technical Analysis Highlights Bullish Momentum
From a technical perspective, today's session is marked by the crossing of the resistance at 69.36 euros, a threshold the stock had not managed to surpass in previous sessions. The current price of 69.67 euros is now in immediate contact with the upper Bollinger band, set at 69.78 euros, indicating a significant extension of the short-term bullish dynamic. This extreme positioning in the Bollinger channel signals strong buying pressure, which could lead to either a temporary consolidation or a continuation of the movement if new catalysts emerge. The underlying trend remains strongly upward: the 50-day moving average is at 61.36 euros, well below the current price, and the 200-day moving average is at 55.45 euros. The gap between these levels and today's price illustrates the magnitude of the movement gained in recent months. The RSI, at 64, remains in an acceleration zone without reaching the conventional overbought territory beyond 70, which still leaves technical room before a potential overheating signal.
