Review
At yesterday’s market close, the shares of the French petroleum group showed a slight loss during the day. Last Monday, too, the share posted a significant price loss of around 4%, although it made up for this the very next day. Today, the stock moved up again with +1.26%. In the ongoing upward trend, the share price marked a low of around €46.25 and has since risen by around 27% at times. As a result, the stock is once again reaching new highs, the likes of which have not been seen since 2007/2008. This will be particularly interesting in view of the falling oil prices. For example, the WTI Crude Oil CFD is down about 37% since mid-June, while the stock is up about 10% over the same period. Reasons for the increase can be found in the positive quarterly figures and the upcoming dividend payment.
Current
The current price increase has not changed the long-term positive chart picture. The share price has secured a relevant support in the €55.50 area. The next resistance can be found in the area of 59.20€. If the price continues to stay above the support and respects it, this can be interpreted as a bullish signal and further rises towards €60.00 could follow. Otherwise, the price could fall back to support. Should this be breached, we could see a further descent towards 54.80€. A third possibility would be a sideways movement in the €58.50 area.
