Michelin Shares Fall by 2.5% and Stumble Below €33.74 Resistance
The Clermont-based manufacturer opens the session in the red, going against the grain of part of the Paris stock market. The stock pauses after several weeks of progress and ranks in the lower part of the CAC 40 this morning, in a market environment disrupted by a surge in volatility.
The Stock Loses Ground but Maintains a Cushion Over Its Moving Averages
Michelin shares drop 2.31% to €32.60 at the opening, while the CAC 40 loses 0.9% and the VIX soars by over 20% to 20.19. The decline brings the stock below its resistance of €33.74, already identified as a technical ceiling, but the price remains above its three moving averages. The gap from the MM200 (€30.36) is still at +7.38%, indicating that the underlying trend remains bullish despite today's breather. The RSI at 65 moves away from the overbought zone without entering negative territory, while the MACD remains positive (line at 0.55, signal at 0.43).
The technical support at €30.23 is the next bearish reference point in case the movement extends. The session is marked by a deteriorated index environment: Renault is down 4.35%, Stellantis 3.59%, STMicroelectronics 6.07%, and the entire industrial and automotive sector is under pressure. Michelin is positioned at the lower end of the Paris index, though not among the steepest declines of the CAC 40.
A Pullback Following a More Than 14% Rebound Over Three Months and Several Strategic Milestones
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Today's consolidation comes after a buoyant phase: the stock is still up +3.46% over one month and +14.59% over three months, fueled by the easing of Brent prices in June and several corporate events. On June 15, the manufacturer had attacked the resistance of €34.48, which it ultimately did not breach. The company also highlighted its specialty tire segment during its Media Day on June 9 and 10, a division that represents 17% of revenue and displays profitability above the group's average.
Operationally, Michelin announced at the end of May a workforce adaptation project in France involving up to 1,500 job cuts over three years, exclusively on a voluntary basis. The €33.74 resistance remains the next level to reclaim to restart the upward momentum.
SectorAutomobile et mobilité›Équipementiers automobiles
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Context
Period
Period: 9M 2026
Key reported figures
Revenue: 19 175 millions d'euros
Quarterly revenue: 19 175 millions d'euros
Revenue growth: -0,5 %
Guidance from the release
Michelin confirms its full-year guidance, targeting growth in segment operating income at iso-forex and iso-scope compared with 2025, and over €1.6 billion in free cash flow before M&A.
Risks mentioned
Faiblesse persistante de la Première monte, qui fait reculer les volumes pneumatiques du Groupe de 0,8 % à fin septembre, en particulier en Tourisme Camionnette en Europe et en Amérique du Nord (en Chine, les ventes du Groupe progressent sur un marché en recul de 7 %)
Concurrence des pneumatiques importés à bas prix, notamment d'Asie, qui pèse sur les marques Tier 2 en Amérique du Nord, Tier 3 dans les principales régions et sur le Poids lourd en Amérique du Sud
Faiblesse persistante des Convoyeurs, liée à la prudence des clients miniers en matière de dépenses et à la faiblesse du marché du minerai de fer, notamment en Australie
Opportunities identified
Expansion de Polymer Composite Solutions soutenue par les acquisitions de Cooley Group, Flexitallic et TexTech en 2026 (chiffre d'affaires +21,9 % publié, -2,7 % hors effet de périmètre à cause des Convoyeurs)
Activité Mines en croissance, avec des gains de parts de marché, qui compense la pression sur le Hors-la-route (segment Spécialités -0,9 % publié, +0,4 % à périmètre comparable)
Dynamique positive de la marque MICHELIN en Remplacement avec volume de +4% en fin septembre
Outlook / guidance
Management commentary: Michelin confirms its full-year guidance, targeting growth in segment operating income at iso-forex and iso-scope compared with 2025, and over €1.6 billion in free cash flow before M&A.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
