EssilorLuxottica stock hits resistance at 181.8 € after +18% rise in one week
EssilorLuxottica is catching its breath late in the afternoon, in an almost stable CAC 40. The stock resumed its upward trajectory following the publication of its quarterly sales, but it hit a key threshold during the session.
A rebound that hit its resistance at 181.80 € before a pullback
EssilorLuxottica stock is down 2.17% at 177.85 €, ranking 39th in a CAC 40 that is barely moving.
The stock broke above its 181.80 € resistance level during the session, reaching a high of 181.95 €, before falling back below it. This pullback comes after a gain of 18.17% over seven days and 23.59% over one month, so today's move looks like profit-taking after a sharp recovery.
The price remains above its 20-day moving average (difference of +13.63%) but below its 200-day moving average at 185.31 € (difference of -4.03%), leaving the long-term trend to recover. Over one year, the stock is still down 43.81%.
Sales up 7.2% and 210 € target maintained
The third quarter revenue, published on October 20, came in at €7,486 million, up 7.2% at constant exchange rates.
Direct-to-consumer sales grew 10.6% in the third quarter, with comparable store sales up 6.8%, while the myopia management solutions portfolio advanced 24% over nine months.
S&P also upgraded the group's long-term credit rating to A+ on October 23, with a stable outlook. On the analyst consensus front, CIC Market Solutions confirmed its buy rating on October 26 with a 210 € target, around 18% above the current price. The next technical benchmark remains the 181.80 € resistance level, already tested today.
