French energy giant Total SA is one of the leading worldwide oil groups. Net sales break down by activity as follows: petroleum products distribution (45.1%), refining and chemistry (44,9%) and hydrocarbon operating and production (10%).Net sales break down geographically as follows: France (21.8%), Europe (48.6%), North America (10.1%), Africa (9.8%) and other (9.7%).
Yesterday, 28 of April the Total SA released its first quarter results showing a net profit slid 20% despite a rise in production as tumbling oil prices took their toll. The company reported that net profit for the quarter was $2.66 billion, down from $3.34 billion a year earlier. That fall came despite a 10% rise in hydrocarbon production to 2.4 million barrels a day.
Since the beginning of the year Total SA rose 15.42% and is in a bullish phase since mid of April. Yesterday, the stock open in a gap up that still managed to make new highs for the year but found enough selling pressure to give all its gains back and closed in the red near the low of the day. Was a narrow range day with low volume and the RSI is showing bullish momentum and is above the 50 mid line.
Expecting an upward move to a Fibonacci level at 53.445 on a break above previous day high at 50.30 (scenario 1) or a break below previous day low at 49.365 could drag down the stock to a key level at 47.77 (scenario 2).
FP.FR is a CFD written over Total SA Stock.