Stock of the day: Total

By Tomasz Wisniewski|

Published: September 28 2022, 08:45 GMT+0

Stock of the day: Total

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The price of oil companies often correlates with the price of oil. The same goes for copper or gold mining or commodity companies in general.

In today’s analysis, we’re looking at French Total, which has fallen in line with the drop in price of black gold.

The situation on Total looks great from a technical point of view. We have a giant Head and Shoulders pattern (orange) with a black neckline. The neckline has already broken, so according to price action, we do have a major sell signal here. In addition to the neckline, the price has also broken the up trendline (blue), which proves the bearish point.

As for the target, after looking at the chart, you won’t be surprised if I tell you that it’s on the 38,2% Fibo (green). The chances that we’ll get there are very high, so my view on Total is negative.

That negative sentiment cancels should the price come back above the 23.6% Fibo, but chances for that happening are now limited.

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