TotalEnergies stock, laggard of the CAC 40, retreating with slight Brent decline
TotalEnergies is losing ground in the morning while the rest of the CAC 40 is progressing overall, finding itself isolated at the bottom of the index. HSBC has just upgraded its rating on the stock this Friday, raising its target to €93, in an oil market context stirred by geopolitical tensions in the Middle East.
Laggard of a slightly rising CAC 40, in an oil market under pressure
TotalEnergies is down 1.1% to €80.16 in trading, the only CAC 40 stock to decline so sharply while the Paris index gains 0.35%. Brent is down 1.63% to $104.86 per barrel this morning, after closing at $106.60 the previous day following a Houthi missile attack on Saudi Arabia. This decline in crude is mechanically weighing on the stock, which is directly exposed to oil prices.
Resistance at €81.05 — the previous day's closing price — did not hold at the opening, and the stock is now trading slightly below this threshold. Over one month, TotalEnergies is still posting a gain of 5.5%, and nearly 15.3% over three months, which testifies to robust underlying momentum despite today's weakness. Shell, the direct comparable listed in London, is down 0.57% in trading, a sign that pressure on oil majors is broader than just the French stock.
HSBC upgrade to €93 and moving averages solidly maintained
This Friday, HSBC upgraded its rating on TotalEnergies from "hold" to "buy", raising its price target from €80 to €93, which represents upside potential of approximately 16% from the current price. The day before, CIC Market Solutions had maintained its buy opinion with a target virtually unchanged at €106.70, which is a much more ambitious gap. Despite today's retreat, the technical configuration remains well-oriented: the stock is trading above its three moving averages, 2.57% above the 20-day MA at €78.15 and more than 5% above the 50-day MA at €76.29.
The RSI at 66 remains in bullish territory without reaching overbought levels. Furthermore, the group had announced on September 23 the final investment decision for the Ima gas field in Nigeria, with production expected in 2028 to supply the Nigeria LNG facility. Support at €74.17 constitutes the first reference zone to monitor should selling pressure intensify.
