Is Total SA Stock Forming A Bullish Flag? | Technical Analysis
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by Darius Anucauskas
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Is Total SA Stock Forming A Bullish Flag?

The technical picture of the Total SA stock (EPA: FP) on our daily chart shows that from around the end of November, the share price is moving withing a channel, slightly tilted to the downside. However, on a slightly bigger picture, the channel could be considered as a possible bullish flag pattern. But before we could get comfortable in exploring that idea, we would like to wait for a violation of the highest point of November, at 38.69. Until then, we will take a cautiously-bullish approach.

If the share price moves above the upper bound of the aforementioned channel and then also climbs above the 38.69 barrier, marked by the highest point of November, that would confirm a forthcoming higher high, possibly opening the door to further advances. More new buyers could see this as a good opportunity to step in and drive the stock to the 39.37 obstacle, or the 40.33 hurdle, marked by the highest point of March 2020. FP might stall somewhere around there, but if there are still enough new buyers, the stock may rise again, possibly aiming for the 43.67 level. That level marks the low of February 3rd and the high of February 24th, 2020, respectively.

The RSI and the MACD are currently pointing slightly to the upside. The RSI is above 50 and the MACD has just moved above zero, and continues to run above its trigger line. The two indicators seem to support the upside scenario, as both show rising upside price momentum.

A break below the current low of February, at 33.91, and a further drop below the lower side of the previously-discussed channel, could keep new buyers from entering for a while. FP may then travel to the 31.66 obstacle, a break of which could clear the way for a further decline to the 30.16 zone. That zone is marked by the highest point of October 2020.

Total-Daily

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