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.
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.