TotalEnergies Shares Slide 3.67% As Bearish Technicals Signal Deeper Support Test Ahead

TotalEnergies (TTE) shares declined 3.67% to close at €60.42 during the most recent session, extending losses to 4.84% over two consecutive down days. This accelerated selling pressure suggests weakening sentiment as the stock approaches critical technical levels. The following analysis examines key technical indicators across multiple frameworks.
Candlestick Theory
Recent candlestick patterns reveal deteriorating momentum, with the July 7th session printing a long-bodied bearish candle closing near its low (€60.42 vs. high €61.33), indicating persistent selling pressure. This follows a failed recovery attempt on July 2nd (bullish candle closing at €63.49). Key support now lies at the July 7th low (€60.04), while resistance consolidates between €63.50 (July 2nd-3rd highs) and €64.50 (June highs). A breakdown below €60.04 would expose the April swing low of €59.50.
Moving Average Theory
The stock trades below all major moving averages, confirming a bearish posture. The 50-day SMA (currently €62.20) crossed below the 100-day SMA (€61.80) in late June, signaling accelerating medium-term weakness. The 200-day SMA (€62.50) maintains a downward slope, reinforcing the primary downtrend. This alignment suggests sustained bearish pressure, with any recovery likely capped near the converged SMA resistance at €61.80-62.20.
MACD & KDJ Indicators
The MACD histogram shows entrenched negative momentum, maintaining its position below the signal line since mid-June. Meanwhile, the KDJ oscillator exhibits an oversold signal with the K-line (15) and D-line (18) near extreme lows, though both lack bullish crossover confirmation. While this KDJ positioning hints at potential short-term exhaustion, the MACD's bearish divergence implies any rebound could be tactical rather than trend-reversing without volume confirmation.
Bollinger Bands
Volatility expansion is evident as price touched the lower Bollinger Band (€60.10) on July 7th while bands widened from 1.8% to 2.2% daily volatility. This marks the third lower band touch in four weeks, typically signaling oversold conditions but also reflecting persistent directional downside pressure. A close above the midline (€61.50) would be needed to stabilize the technical picture.
Volume-Price Relationship
The July 7th decline occurred on significantly elevated volume (1.76M shares vs. 30-day avg 1.5M), validating the bearish breakout. Throughout the June-July descent, higher volume has consistently accompanied down days, indicating institutional distribution. The absence of accumulation volume on attempted rallies since June undermines recovery prospects.
Relative Strength Index (RSI)
The 14-day RSI (26) resides deep in oversold territory, having breached 30 during the July 7th selloff. While this suggests potential technical exhaustion, the RSI has failed to sustain moves above 50 since early June. Historically, RSI readings below 30 preceded only tactical rebounds rather than trend reversals during this downtrend, including false signals in April and May.
Fibonacci Retracement
Applying Fibonacci levels to the April-July decline (€70.42 high to €60.04 low), key retracement supports emerge at €64.03 (23.6%), €62.23 (38.2%), and €60.25 (61.8%). The €60.25 level provided temporary support in late June and aligns with the current price zone. A sustained break below €60.25 would clear the path toward the 78.6% retracement at €58.90.
Confluence exists at the €60.00-60.25 zone, where Fibonacci support, the year's low, and Bollinger lower band converge. However, bearish alignment dominates across volume, moving averages, and MACD. Notable divergence appears between oversold oscillators (RSI/KDJ) and ongoing price deterioration. While technical exhaustion risks increase near €60.00, recovery prospects remain constrained below €62.50 absent volume-backed reversal patterns.