On Friday, TotalEnergies SE (NYSE:TTE), along with Paula Amorim, Chairman of Galp, disclosed that it will take over operatorship of Petroleum Exploration License 83 in Namibia’s Orange Basin.
Meanwhile, Galp will acquire interests in PEL 56 and PEL 91, home to the Venus discovery.
Details
The Petroleum Exploration License 83 is a high-potential offshore license, which includes the Mopane discoveries.
For the Venus project, the companies are progressing toward securing the conditions required for a potential final investment decision in 2026.
At Mopane, a three-well exploration and appraisal campaign is planned for 2026 to assess resources further and advance the project toward development.
Africa’s Biggest LNG Bet
On Thursday, TotalEnergies disclosed the full restart of Mozambique LNG project activities.
The project is 40% complete, and the first LNG is expected in 2029, with nearly all engineering and main equipment procurement completed during the Force Majeure period.
Why TotalEnergies SE’s Momentum Signals Caution
TotalEnergies SE (TTE) is currently showing strong bullish momentum, trading well above its key moving averages. This positioning indicates a solid uptrend, with TotalEnergies SE’s stock trading 8.6% above its 20-day SMA, 10.1% above its 50-day SMA, and 14.1% above its 100-day SMA.
The RSI is at 74.03, which signals that TotalEnergies SE’s stock is in overbought territory. This suggests that while momentum is strong, traders should be cautious as a pullback could occur if buying pressure eases.
MACD is above its signal line, indicating bullish momentum is still in play. This positive signal reinforces the current uptrend and suggests that traders could continue to look for buying opportunities, provided other indicators align.
Key support is at $63.50, and if this level is tested, it could provide a buying opportunity if the stock holds above it. Conversely, if TotalEnergies SE’s stock breaks below this support, it may signal a trend reversal, prompting traders to reassess their positions.
In July, the golden cross occurred when the 50-day SMA crossed above the 200-day SMA, signaling a potential long-term uptrend. This crossover is a critical indicator for traders, as it often precedes sustained bullish movements.
TotalEnergies SE’s stock has performed well over the past 12 months, gaining 23.67%. This strong performance reflects a solid longer-term trend, suggesting that the stock has been on a steady upward trajectory, which could continue if current momentum persists.
Currently, TotalEnergies SE’s stock is trading near its 52-week high of $73.75, which indicates it is in a strong position within its range. Being at 94.8% of its 52-week range suggests that the stock is experiencing strong demand, but traders should remain vigilant for signs of exhaustion.
With the current technical setup, traders should watch for any signs of a pullback or reversal, especially given the overbought RSI. Monitoring support levels and the overall market sentiment will be key in determining the next steps for TotalEnergies SE’s stock.
TotalEnergies plans to release fourth-quarter earnings on February 11.
Price Action: TTE shares are up 0.04% at $72.64 premarket at the last check on Friday.
TTE Price Action: TotalEnergies shares were up 0.06% at $72.67 at the time of publication on Friday. The stock is approaching its 52-week high of $73.75, according to Benzinga Pro data.
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