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Will TOTALENERGIES SE -SPON ADR breakout?

By Mill Chart

Last update: Nov 24, 2023

Our stock screener has identified TOTALENERGIES SE -SPON ADR (NYSE:TTE) as a potential breakout candidate. This technical breakout setup pattern occurs when the stock consolidates after a strong uptrend. While the actual breakout is uncertain, it may be worth keeping an eye on NYSE:TTE.

TTE Daily chart on 2023-11-24

Technical Analysis Observations

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.

We assign a technical rating of 8 out of 10 to TTE. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, TTE is showing a nice and steady performance.

  • The short term is neutral, but the long term trend is still positive. Not much to worry about for now.
  • Looking at the yearly performance, TTE did better than 84% of all other stocks.
  • TTE is one of the better performing stocks in the Oil, Gas & Consumable Fuels industry, it outperforms 78% of 217 stocks in the same industry.
  • TTE is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so TTE is lagging the market slightly.
  • In the last month TTE has a been trading in the 64.50 - 69.06 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.

Check the latest full technical report of TTE for a complete technical analysis.

How do we evaluate the setup for NYSE:TTE?

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:TTE scores a 8 out of 10:

Besides having an excellent technical rating, TTE also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 68.10. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 67.33, a Stop Loss order could be placed below this zone.

Trading setups like NYSE:TTE

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.

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TOTALENERGIES SE -SPON ADR

NYSE:TTE (2/22/2024, 9:46:00 AM)

63.83

-0.26 (-0.41%)

TTE News

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Netherlands pension fund divests from Shell, BP, and TotalEnergies due to slow transition to low-carbon fuels.

News Image15 days ago - Seeking AlphaTotalEnergies Texas refinery restart goes awry after malfunction - report (NYSE:TTE)

TotalEnergies' Port Arthur refinery in Texas shuts down again, just days after restarting following a winter storm-induced power outage.

News Image15 days ago - Seeking AlphaTotalEnergies slides after Q4 profit miss; pledges to ramp up shareholder returns

TotalEnergies reported lower than expected Q4 earnings and warned of weak refining margins this year.

News Image15 days ago - Seeking AlphaTotalEnergies Non-GAAP EPS of $2.16, revenue of $54.77B (NYSE:TTE)

TotalEnergies press release (TTE): Q4 Non-GAAP EPS of $2.16. Revenue of $54.77B (-14.4% Y/Y). Outlook: First quarter 2024 expected hydrocarbon

News Image15 days ago - Seeking AlphaTotalEnergies launches production at Nigeria's Akpo West oilfield (NYSE:TTE)

TotalEnergies starts production from Akpo West field offshore Nigeria, expecting high condensate and gas production.

News Image15 days ago - Seeking AlphaTotalEnergies raises interim dividend by 7% to €0.79 (NYSE:TTE)

TotalEnergies (TTE) declares €0.79/share interim dividend, 6.8% increase from prior dividend of €0.74. Payable July 1 to shareholders and July 11 to ADS holders

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