TotalEnegeries SE ( TTE) is a France-based huge energy player and its stock just made a fresh upside breakout on the charts. Let's take a look.
In this daily bar chart of TTE, below, I can see that prices retested the rising 200-day moving average line in March before rebounding back to the highs. The slope of the 50-day moving is also positive.
The On-Balance-Volume (OBV) line is strong and is making a new high for the move up to confirm the price gains. The Moving Average Convergence Divergence (MACD) oscillator has crossed above the zero line for an outright buy signal.
In this weekly Japanese candlestick chart of TTE, below, I see a longer-term bull move underway. Prices trade above the rising 40-week moving average line. Prices have tested and broken the 40-week line a number of times in the past three years but these turned out to be buying opportunities in hindsight.
The weekly OBV line has roughly moved up and down with the price action. The MACD oscillator is bullish and poised for a fresh upside crossover and new buy signal.
In this daily Point and Figure chart of TTE, below, you can clearly see the upside breakout with the new high of $65 made on this kind of chart. A price target in the $83 area is being projected.
In this second Point and Figure chart of TTE, below, I can see the same $83 price target as seen on the daily chart above.
Bottom line strategy: Traders could go long TTE at current levels risking to $60 for now. The $83 area is our price target for now.