(News Bulletin 247) – The banking group is doing well, with a significant dividend yield despite the rise in the stock. The company still has a dividend yield of more than 7%. The valuation is still below its long-term average at 6/7 times earnings compared to 9/10 on average in recent years. The growth in results and the improvement in fundamentals suggest an increase in the valuation multiple and therefore in the share price.
KEY GRAPHIC ELEMENTS
Technically the stock is in a strong upward trend. The volumes suggest ongoing buying pressure. Any decline towards the 20-period daily moving average therefore offers an opportunity to position yourself in the direction of the trend in order to target the next resistance which is located at €14.
FORECAST
Considering the key graphical factors we have mentioned, our view is bullish on CREDIT AGRICOLE stock in the short term.
Active investors will take a purchase position on the CREDIT AGRICOLE stock at a price of €13,200 with a target of €14,000 in their sights. They will protect their capital by placing a stop at €12,660.
News Bulletin 247 advice
DAILY DATA CHART
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