L’Oreal: further rise expected

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

Charts (5)

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

More from Equities

From time to time, StoneX Financial Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.