Technip S.A. is a French Listed company, whose activities are related to Oil. The equity has a positive correlation to the prices of Oil. The chart shows clearly how sensitive the stock's prices are to the fluctuations of Oil prices.
TECP was stuck in a channel, it has been few months, which it has broken out after the last OPEC meeting, as the price of Oil collapsed, which has sent it to the 43.74 support level, 3.43 euros below the channel's bottom. You can see on the chart the throwback, which will trigger a slide to around 39.96, with 43.74 as a primary objective, unless the stock breaks out 49.27, which will lead it to re-enter the channel, and reject the breakout of the channel.
Any further losses on the Oil market, will lead send the stock south, and lead to the completion of the bearish objective of the channel.
The rejection of the breakout of the bottom of the channel will send the stock back towards the reddish lane inside of the channel.
The main outlook of Oil on the long term remains bearish, that is why re-visiting the top of the bullish channel will not be an easy task for TECP.
TECP was stuck in a channel, it has been few months, which it has broken out after the last OPEC meeting, as the price of Oil collapsed, which has sent it to the 43.74 support level, 3.43 euros below the channel's bottom. You can see on the chart the throwback, which will trigger a slide to around 39.96, with 43.74 as a primary objective, unless the stock breaks out 49.27, which will lead it to re-enter the channel, and reject the breakout of the channel.
Any further losses on the Oil market, will lead send the stock south, and lead to the completion of the bearish objective of the channel.
The rejection of the breakout of the bottom of the channel will send the stock back towards the reddish lane inside of the channel.
The main outlook of Oil on the long term remains bearish, that is why re-visiting the top of the bullish channel will not be an easy task for TECP.