Looking at the technical picture of the Total Energies SE (EPA: TTE) stock on our 4-hour chart, we can see that, at the end of last week, the share price fell below a short-term upside support line taken from the low of April 26th. The stock found support near the 52.91 zone, which is the current lowest point of June, tested on the 13th of the month. Although there is an indication that further declines are possible, we would prefer to wait for a move below that zone first, before targeting lower areas.
A drop below the 52.91 hurdle would confirm a forthcoming lower low and could send TTE to the 52.21 area, marked by the low of May 24th. If the buyers are still nowhere to found, the stock may slide further, potentially aiming for the 51.05 obstacle, or for the 50.58 level, marked by the low of May 16th. Around there, the share price could also test the 200 EMA.
The RSI is pointing slightly higher, however it remains below 50. The MACD is aiming lower, while continuing to run below zero and the trigger line. Overall, the two indicators support the above-discussed scenario.
Alternatively, a push back above the 54.43 barrier, marked by yesterday’s high, may invite a few extra buyers into the game. TTE might drift to the 55.14 obstacle, or even all the way to the 56.55 area, marked by an intraday swing low of June 9th. If the buying activity doesn’t end there, slightly above it lies another possible resistance target, which could get tested, and that’s the 57.39 level, marked by the current highest point of June. That point was reached on the 9th of the month.
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