EssilorLuxottica stock rises +23% in one month and hits resistance at €181.8
EssilorLuxottica extends its rebound in a well-oriented CAC 40. The stock remains close to a technical threshold that has already stopped it earlier this week.
The stock approaches its resistance level at €181.8 after a sharp recovery
The stock gains 1.1% to €179.65 in session, while the CAC 40 advances 0.89%. This increase extends the recovery initiated following the publication of third-quarter sales, with a gain of 22.96% over one month.
The price is placed 2.81% below its 200-day moving average at €184.85, but well above the 20-day moving average (gap of 13.51%).
The resistance level at €181.8 is located just over 1% from the current price: the stock had already hit it on Wednesday after +18% in one week. The RSI at 68 reflects this momentum, without reaching the overbought zone.
A third quarter up 7.2% and a share buyback in the background
The group published on October 20 revenue of €7,486 million, up 7.2% at constant exchange rates, as detailed by third-quarter growth driven by direct sales. Myopia management solutions advanced 24% over nine months, and the Direct to Consumer segment by 10.6% in the third quarter.
The stock has nevertheless declined 43.42% over one year, which illustrates the extent of the recovery since its lows. Over twelve months, EssilorLuxottica also repurchased €1.2 billion in shares, representing 1.5% of its market capitalization. The resistance level at €181.8 remains the threshold to break through to extend the momentum.
