TotalEnergies Shares Advance, Defying a Declining CAC 40
The French oil major ends the session in the green, bucking the trend of a slightly bearish CAC 40. The stock attempts once again to break through a narrow technical zone, amid heightened vigilance in the energy sector.
A 1.24% Rebound Brings the Stock Back to its 20 and 50-Day Moving Averages
TotalEnergies shares closed at €77.42, up 1.24% for the session. It was among the top gainers in the CAC 40, while the Paris index fell by 0.18%. In terms of technical benchmarks, the price has returned to the vicinity of its 20-day moving average (MM20) at €77.73 and its 50-day moving average (MM50) at €77.63, with a gap of less than 0.5% in both cases. This tight zone has acted as a ceiling for several sessions, with the stock moving within a narrow corridor between the support at €75.18 and resistance at €80.27. The RSI at 45 remains in neutral territory, showing no clear directional signal. The MACD, slightly negative (-0.09 compared to 0.04 for the signal line), indicates a lack of clear short-term momentum. Over the longer term, the price maintains a comfortable gap of nearly 23% above its 200-day moving average (MM200) at €62.98, reflecting the 47% rally recorded over the year.
Global Energy Context Remains a Focus for the Major
In the energy sector, the macro context remains fraught. The International Energy Agency, in its latest report from May 15, forecasts global oil demand at 104 million barrels per day by 2026, a slight decrease (-0.42 Mb/d) year-on-year. OPEC+ production stood at 34.13 Mb/d in April, according to the same source. The surge in production inflation in China (+3.9% year-on-year in May, the highest since July 2022) confirms tension on the prices of raw materials and energy internationally. In terms of valuation, the stock is trading at about 7.9 times the expected earnings for the current fiscal year and 9.2 times those of the following year, according to the consensus of analysts surveyed. As a reminder, during the publication of the first-quarter results at the end of April, the group had raised its dividend to €0.90 per share and reported a net result up by 29%. The stock remains under surveillance around its 20 and 50-day moving averages, whose crossing would constitute the next technical step before the resistance at €80.27.
