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.

In mid-February, the French oil company reported 2011 attributed net earnings of €12.27bn, a 16% rise from 2010. Total revenue rose by 15.9% to €184.693bn with a 21% increase in exploration and production, a 7% decline in refining and marketing, and a 10% in the chemical division.

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