Michelin shares break through its 20-day moving average at €34 and slide toward the bottom of the CAC 40
The shares of the Clermont-based tire manufacturer are declining sharply on Tuesday, in a Paris index that is virtually flat. The decline occurs one week after the publication of half-year results, in a market environment that is not favorable for French cyclical stocks.
A decline that brings the stock below its 20-day moving average in a stable CAC 40
The Michelin share is down 2.07% to €34.04 during trading, ranking among the strongest declines in the CAC 40 while the flagship Paris index remains virtually flat at -0.07%. The decline brings the stock below its 20-day moving average, set at €34.70, with a negative gap of 1.90%. This breach of the 20-day moving average is the first signal of exhaustion following a solid quarter: the stock had advanced more than 10% over three months. It remains, however, firmly anchored above its 50-day moving average at €33.58 (a positive gap of +1.37%) and maintains a comfortable cushion against its 200-day moving average at €30.99, which is nearly 10% below the current price.
The RSI at 56 remains in neutral territory, with no oversold signal, suggesting that today's downward pressure has not yet exhausted its potential. The technical support at €32.67 is still far away, and the resistance at €35.17 remains out of immediate reach. Brent crude is falling sharply during trading (-7.26%), which mechanically reduces pressure on the tire sector's costs, though this factor is not directly at the origin of the stock's movement.
A week of consolidation following mixed half-year results and a jump in price targets
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Today's decline is part of a consolidation phase following the first half 2026 results, published on July 27. Michelin had then unveiled an operating margin up to 11.4%, but revenue growth limited to +0.5% at constant exchange rates, below market expectations. As early as July 28, the stock had dropped into the bottom three of the CAC 40, despite the raising of price targets by two major investment banks.
Over the past week, the decline reached 2.49%, and the monthly decline stands at 2.3%, which partially erases the 10.38% gain achieved over three months. Analyst consensus remained broadly positive following the half-year results, but the market is struggling to confirm these revisions in the current macroeconomic context. In the absence of a new dated catalyst, the holding of support at €33.58 (50-day moving average) will be the next technical benchmark to watch.
Les équipes de Michelin peuvent être fières de leurs performances sur ce premier semestre : notre Groupe enregistre une nette amélioration de la dynamique des ventes.
Le chiffre d'affaires semestriel atteint 12,7 milliards d'euros, en repli de 2,6 % en publié mais en hausse de 0,5 % à taux de change constants, l'effet devise pesant pour -3,1 %. Le résultat opérationnel des secteurs s'élève à 1,45 milliard d'euros (marge de 11,4 % contre 11,1 % au premier semestre 2025), en progression de 103 M€ (+7 %) à périmètre et parités constants. Le cash-flow libre avant M&A ressort à +282 M€ contre -102 M€ un an plus tôt. Par segment : Consommateur 6 926 M€ (marge 12,5 %), Transport 2 813 M€ (marge 5,9 %), Spécialités 2 220 M€ (marge 14,1 %), Polymer Composite Solutions 728 M€ (+14 %, marge 13,6 %). Le ratio d'endettement net s'établit à 26 %.
Risks mentioned
Effet de change particulièrement défavorable, pesant pour -3,1 % sur le chiffre d'affaires
Marchés Première monte encore déprimés, notamment aux Amériques pour le Transport
Marché de la première monte Agricole au plus bas depuis 10 ans
Hausse des coûts industriels et logistiques liée à l'inflation et aux droits de douane
Opportunities identified
Succès des nouvelles gammes MICHELIN Primacy 5 Energy et Pilot Sport 5 Energy
Volumes de la marque MICHELIN en hausse de 5 % au Remplacement
Trois acquisitions structurantes finalisées en Polymer Composite Solutions
Croissance du Mining, de l'Avion et des activités Deux-roues
Transformation du portefeuille vers des marchés moins cycliques et à forte valeur ajoutée
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