North Atlantic Energy stock hits historic record, boosted by oil
North Atlantic Energy reaches a new historic peak on Tuesday, surpassing its previous record set the day before, as oil continues to fuel the stock's upward momentum. The geopolitical context in the Middle East and anticipation of a Federal Reserve rate tightening tomorrow weigh on European markets, but the French energy stock holds firm and ranks among the strongest gainers on the CAC All Shares.
A new historic record at €110.50 and the €107 resistance erased during the session
North Atlantic Energy crosses a new historic record on Tuesday by reaching €110.50 during the session, surpassing the previous high of €110.30 reached on Monday. The stock gains 3.97% to €109.90 in mid-session trading, after breaking through its €107 resistance level upward during today's session, a level that had long served as a ceiling. This breakthrough confirms the momentum that began over recent weeks: the break above the €107 level propels the stock into virgin territory with no previous resistance levels, with the next benchmark to watch being the psychological €110 level, now close to the current price.
Over the week, performance reaches 21.5%, and over three months, the stock shows an increase of 117.8%. The RSI at 78 reflects a marked overbought configuration, without however interrupting the uptrend of recent weeks.
Brent at $108 supports the stock in a declining European market
Brent is trading at $108.22 per barrel on Tuesday, up 2.40% during the session, and posting nearly 11% gains over one week, driven by the shutdown of a major Saudi pipeline following drone attacks attributed to pro-Iranian militias. This supply disruption, which could last several weeks according to sector analysts, directly fuels the stock's advance, given that its business is exposed to oil prices. The broader macroeconomic backdrop is more mixed: the CAC 40 declines 0.84% during the session and the SBF 120 falls 0.85%, with markets pricing in a very high probability of a rate increase by the U.S. Federal Reserve tomorrow, with 10-year Treasury yields exceeding 5%.
North Atlantic Energy is moving against this overall environment, benefiting from an oil supply shock that supports energy sector stocks. The stock is trading well above its three moving averages, with a gap of nearly 98% compared to the 200-day MA at €55.52, which demonstrates the extent of the uptrend that began at the start of the year. The next level to watch remains the €110 mark, now close to the current price.
