After consolidation in the range of 290-295 rubles, Gazprom shares may return to growth


Trading results

On the previous trading day, Gazprom shares fell 1.52% to close at RUB 292.86. The paper looked worse than the market, which fell 0.87%. Share trading volume on the main market amounted to RUB 15.4 billion. with an average monthly of 10.9 billion rubles.

Short-term picture

Gazprom shares on Thursday returned to the prices of the beginning of the week. The decline was due to the general market negative sentiment, so it would be logical to expect a recovery in case of an improvement in sentiment. Gas prices in Europe have stabilized after two days of decline, which reduces pressure on the instrument. Support level 290 rubles. remains valid. After a short consolidation in the range of 290-295 rubles. quotes may return to growth.

The mid-term outlook on Gazprom shares is positive. Trend indicators on higher timeframes look up, drawdowns were still short and quickly bought back. The share has its own fundamental driver in the form of high gas prices in Europe, which implies an upside over RUB 300. per share. This can support the activity of investors and contribute to outstripping dynamics in relation to the market as a whole.

  • Nearest support levels: 290/286/280
  • Nearest resistance levels: 295/300/305

External background

The external background has been forming moderately negative in the morning. American indices remained at the same levels after the close of the main session at the Moscow Exchange. Asian indices are trading in negative territory. S&P 500 futures are down 0.2%. Brent crude is down 0.05% today. Futures on Gazprom shares during the morning session lost 0.02%. All this suggests that if the background remains unchanged, the opening will take place near the closing level of the previous trading day.

Long-term picture

Gazprom shares have returned to pre-pandemic levels, and the situation on the gas market allows us to hope that the growth will continue. High prices for hydrocarbons, the prospect of high dividends and the likely completion of Nord Stream 2 may support quotes and contribute to the movement above 300 rubles. per share.

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