Published on 5th March 2012
In our previous analysis of TOTAL (February 6), we mentioned that our short-term price target was €42.80. Given that the stock has practically reached our target, we believe it is wise to close out half of our long positions and take some profits. We still believe that the short-term bullish rally will continue its course but we prefer to play it safe, especially after such a big move. The fact is that the next major resistance level is at €43.60. Meanwhile, the primary support level is at €40.50.