$AI Air Liquide SA - Our opium

AI — Air Liquide SA

Air Liquide remains a cornerstone holding for long-term portfolios, delivering a consistent ~11% annualized return over the past 25 years. The company's defensive profile, pricing power, and structural exposure to the energy transition and healthcare sectors make it a high-conviction position. The upcoming 2026 shareholder loyalty bonus further enhances total return for committed holders.

Technical outlook:
Price has broken out of its recent trend channel but remains contained within the broader €154–€187 range. Near-term momentum is likely to consolidate, as the daily RSI is elevated, signaling overbought conditions that typically precede a cooling phase. However, the weekly RSI remains constructive, supporting a continuation of the longer-term trajectory toward the €187 upper boundary.

EMA 20/50 are currently flat, confirming the absence of a strong directional trend on the intermediate timeframe. This aligns with a range-bound scenario in the short term before the next leg materializes.

Bias: Bullish medium-to-long term, expect short-term consolidation before a potential move toward €187. No urgency to chase at current levels; patience favored.

Key levels:
- Support: €154
- Resistance / Target: €187