Global energy and chemicals giant TotalEnergies SE (TTE) got my attention on the charts Friday. Let's check.
In this daily bar chart of TTE, below, I can see a wide-swinging sideways market with a recent upside breakout. Prices have seen buying interest in the $48-$44 area and resistance in the $60 area. Prices are trading above the rising 50-day moving average line and above the slightly rising 200-day line.
The On-Balance-Volume (OBV) line has moved sideways but has also made a new high for the move up in December. The Moving Average Convergence Divergence (MACD) oscillator has been correcting lower in the past few weeks but is now poised for a fresh buy signal.
In this weekly Japanese candlestick chart of TTE, below, we can see how TTE has performed for shareholders over the past three years. Prices rallied from early 2020 lows and reached a high in May. The May high was broken in December. Prices are above the rising 40-week moving average line.
The weekly OBV line shows strength the past four months. The MACD oscillator turned bullish in late October.
In this daily Point and Figure chart of TTE, below, I can see a potential upside price target in the $89 area.
In this weekly Point and Figure chart of TTE, below, I can see the same price target of $89 as on the daily chart.
Bottom line strategy: Traders could go long TTE on available weakness risking to $57 for now. The $89 area is our current price target.
