L’Oreal: further rise expected
Nicolas Suiffet October 23, 2020 8:33 AM
L'Oreal, the personal care company, reported that 3Q revenue grew 1.6% on a like-for-like basis (-2.0% reported) to 7.04 billion euros
L'Oreal, the personal care company, reported that 3Q revenue grew 1.6% on a like-for-like basis (-2.0% reported) to 7.04 billion euros, while 9-month like-for-like revenue was down 7.4% (-8.6% reported) to 20.11 billion euros. The company stated: "As a result, in a sanitary environment which remains difficult and uncertain, our performance in the third quarter strengthens our ambition to achieve like-for-like growth for the second half, and to deliver solid profitability."
From a chartist point of view, the stock price remains in consolidation mode within a long term bullish trend. Prices are holding above a key support zone around 264E (internal trend line + lower Bollinger band + horizontal support). The weekly RSI has landed on its neutrality area at 50% and is turning up. Readers may want to consider the potential for opening Long positions above 264E. A break above the former high at 297.5E would open the way to a further rise towards 310E (Fibonacci projection target). Alternatively, a break below 264E would call for a reversal down trend towards 239.2E.
Source: GAIN Capital, TradingView
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.