Gazprom Neft share price: forecast and technical analysis

Trading results

At the previous trading session, Gazprom Neft shares rose 2.31% to close at RUB 325.85. The papers outperformed the market. Trading volume amounted to over 626.5 million rubles.

Short-term picture

Oil quotes resumed their growth, and Gazprom Neft shares began to recover. At the last trading session, we managed to gain a foothold above the 50-day moving average and start the 200-day test.

On the daily chart, the RSI curve is pointing up and is slightly above the neutral value (50). Oscillators Bears and Bulls power signal a decreasing advantage for sellers.

Taking into account the support of the external background this morning, it can be assumed that the bulls will continue the pressure and be able to overcome the 200-day moving average from the bottom up. In this case, the road opens to levels above 330 rubles. Then it will be possible to judge the formation of an upward trend.

If the situation changes sharply during the day, then Gazprom Neft shares may return to the 50-day moving average. In the short term, this will serve as a negative signal, and the price may return to 315 rubles. The risks of such a scenario still exist, but it is not yet expected.

  • Resistance levels: 327.5 / 331 / 334.3
  • Support levels: 317.5 / 313.3 / 310

External background

The external background is positive this morning. American indices rose after our close on Thursday and hit new highs. Asian sites are trading in positive territory today. Futures on the S&P 500 index are growing by 0.18%, Brent oil is in positive territory by 0.68% and is near the level of $ 59.25.

Long-term picture

Gazprom Neft shares have been moving in a steep uptrend since 2016. The rise in quotations was accompanied by two corrective waves in 2017 and 2018.

In 2020, the impact of the coronavirus on world markets and oil prices led to a breakdown of the growing trend of Gazprom Neft, shares from historical highs lost more than half of their value at the moment. At the same time, the potential for a return to an upward trend remains with a decrease in the impact of the coronavirus and a recovery in energy demand.

On the weekly chart, the price has consolidated between the 50- and 200-week moving averages. The RSI indicator is at the neutral point (50). MACD curves continue to show the formation of an upward trend, but there is a tendency to cross.

It is important for buyers to gain a foothold above 350 rubles, which will open the way to levels above 370 rubles. However, the risks around the pandemic remain, and this may negatively affect the quotes of Gazprom Neft.

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