TotalEnergies shares decline 2% and test their €76 support level
Morgan Stanley downgraded its rating on TotalEnergies today, moving from "overweight" to "equal-weight", which is weighing on the session as the CAC 40 itself loses some ground. The decline occurs despite a generally positive week for the stock, which maintains a gain of nearly 3% over seven days.
Morgan Stanley downgrades TotalEnergies and pulls the stock down in the CAC 40
The American bank revised its rating on TotalEnergies this Friday, lowering its opinion from "overweight" to "equal-weight" while slightly raising its price target, from €77 to €78. With a price at €76.41, the new target leaves only a residual upside of less than 2%, which reflects a significantly more cautious view on the stock. CIC Market Solutions maintains its "hold" rating with a target of €86.54, established on September 3, representing a premium of over 13% compared to the current price.
The gap between the two targets illustrates a real divergence in assessing the stock's short-term potential. In this context, TotalEnergies declines 2.06% during the session and ranks 39th in the CAC 40, among the strongest losers in the index, in a Paris market that is also down 0.34%.
A stock touching its 20-day moving average, solid on its long-term averages
From a technical indicators perspective, TotalEnergies is trading at €76.41, practically at its 20-day moving average of €76.05, with a gap of only 0.47%. This level constituted a short-term support threshold, and today's decline is testing it directly. The 50-day moving average at €73.20 remains well below the price (gap of 4.39%), as does the 200-day moving average at €69.15 (gap of 10.50%), which testifies to an underlying trend still oriented upward over longer horizons.
The RSI at 63 signals a slightly tense configuration, without however reaching overbought territory, while the MACD displays a slightly negative histogram (-0.04), a sign of momentum losing slight momentum. Fundamental news remains dense: the previous day, TotalEnergies finalized the takeover of the Mopane operatorship in Namibia, strengthening its presence in the Orange Basin following Galp's rights acquisition. The technical support identified at €73.78 is still far from the current price, and resistance at €78.32 corresponds roughly to Morgan Stanley's new target.
