TotalEnergies Shares Shatter Historical Record, Boosted by Brent at $104
This Tuesday, TotalEnergies' stock reached a new all-time high of 73.26 euros, surpassing the previous peak of 73 euros achieved on March 2nd. The stock is up 1.19% from the previous day's close, amid heightened tensions in the oil markets. The CAC 40 is slightly up by 0.11% during the session, at 7,944 points.
Direct Impact from Rising Oil Prices
TotalEnergies' stock price is directly benefiting from the surge in oil prices. This Tuesday, Brent crude is priced at $104.01 per barrel, up by 2.96% in the morning, while WTI has risen to $97.45 (+3.29%). Both global crude benchmarks are showing a simultaneous upward trend, fueled by the ongoing deadlock around securing the Strait of Hormuz, a strategic passage for global hydrocarbon exports. The lack of resolution on this issue continues to exert upward pressure on the entire oil market. In this favorable context, TotalEnergies has shown notable performance: +6.34% over the past seven days and +34.42% over three months. The sector overall benefits from this situation, with Shell PLC up by 1.00% and Engie by 0.97% in session. The detachment of the third dividend installment, scheduled for March 31st, is also an upcoming event to watch on the group's financial calendar, before the first-quarter results are published on April 29.
Breaking Through Technical Resistance
By surpassing 73.26 euros this Tuesday, the stock has broken through its technical resistance identified at 72.40 euros, a level that corresponds to the previous blockage zone. This breakthrough occurs as the stock price is significantly above its 50-day and 200-day moving averages, located at 62.58 euros and 55.84 euros respectively, indicating a solidly established upward trend in the medium and long term. However, the RSI (Relative Strength Index, which measures the speed and magnitude of recent price changes) stands at 74, above the generally considered overbought threshold of 70. This level indicates that the stock has experienced rapid appreciation and is in a zone where profit-taking becomes statistically more frequent. The progression of the price above the upper Bollinger band, set at 72.13 euros, confirms this reading of a stock moving outside its usual range of fluctuation. The possibility of a technical consolidation remains to be considered in the wake of this new record.
