TotalEnergies shares hold steady in declining CAC 40, buoyed by Brent
The stock displays near-stability during the trading session as military escalation between Iran and the United States shakes the Gulf region, thereby preserving most of the rebound recorded the previous day. Brent, for its part, surges substantially during the session, a context that illuminates the relative resilience of the stock against a declining CAC 40.
An intraday breakthrough of the 78.32 € resistance that fails to hold
In mid-morning, TotalEnergies declined 0.02% to €77.60, virtually unchanged after touching €78.57 earlier in the session. The stock briefly broke above its resistance level at €78.32, without sustaining this level: the price fell back below this threshold, returning the configuration to a consolidation situation under resistance. The broad CAC 40 index, for its part, fell 0.32% during the session, which makes the near-stability of the stock quite notable in this market context. Brent advanced significantly today (+5.43% during the session, at $95.40 per barrel), directly linked to geopolitical tensions in the Gulf: Iran launched on September 2, 2026 a military response against American installations in Jordan, Iraq and Bahrain, marking a new escalation of direct conflict with Washington.
Donald Trump alluded to the strategic role of the Strait of Hormuz for global crude oil transit, fueling uncertainties over crude supply. In terms of indicators, the RSI at 60 remains in neutral territory, signaling no overbought conditions despite recent performance. The stock maintains itself above its three moving averages: +2.34% above the 20-day MA at €75.82, and nearly 12.4% above the 200-day MA at €69.04, which reflects an intact underlying bullish dynamic.
Solid Q1 2026 results and a stock trading at less than nine times expected earnings
Upon publication of Q1 2026 results on August 27, 2026, TotalEnergies reported organic production growth of 4%, while signaling a risk related to an increase in working capital requirement of 5.1 billion dollars and exposure to Middle East tensions affecting production. These tensions, which are materializing today, were already identified as a central risk factor by the group. On a twelve-month rolling basis, the stock displays an advance of 45.17%, one of the most pronounced among major European energy stocks.
By way of comparison, Shell declined 0.01% during the session. According to the consensus of analysts surveyed, the stock is valued at approximately 8.3 times expected earnings for the current fiscal year, a moderate multiple given the share price performance over one year. The resistance threshold at €78.32, tested and not durably breached this morning, remains the next zone to confirm to extend the bullish dynamic.
