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by Darius Anucauskas

Is The Total SA Stock Ready To Exit The Short-Term Range?

Looking at the technical picture of the Total SA stock (EPA: FP) on our 4-hour chart, we can clearly see that the share price is currently stuck inside a short-term range, roughly between the 29.19 and 34.55 levels. That range has been in play from around the beginning of April, but today the stock came very close to testing its upper bound. Although FP seems to be showing positive signs and willingness to move further north, in order to get comfortable with the upside, a break and a daily close above the 34.55 barrier would be needed. Until then, we will stay neutral.

A strong move above the 34.55 barrier, which is the upper side of the aforementioned range, could attract more buying interest, with the help of which FP may travel further up. If so, the next possible resistance obstacle could be at 36.20, which is an intraday swing low of April 2nd. If that area is just seen as a temporary pit-stop for the buyers, a break of it might clear the way to the 37.85 level, marked by the highest point of April.

The RSI and the MACD seem to be in support of the upside scenario, as both indicators are pointing higher. In addition to that, the RSI is well above 50 and the MACD has just jumped on top of its trigger line, while continuing to balance above zero.

Alternatively, if the share price fails to move above the upper bound of the range and instead, falls back below the 31.86 hurdle, which is the low  of May 22nd, that may open the door for deeper extensions within the range. That’s when we will target levels like 30.55, or 29.67, marked by the lows of May 15th and 14th. However, if those are unable to halt the slide, the next potential target may be the 29.19 zone, which is the lower bound of the previously-discussed range.

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