Gazprom Neft share price today: forecast and technical analysis


Trading results

At the previous trading session, Gazprom Neft shares rose 0.83%, closing at 381.5 rubles. The papers looked at the market level. The trading volume amounted to over 1 billion rubles.

Short-term picture

The positive on the oil market remains, which positively influenced the significant growth of Gazprom Neft shares. In the short term, the oil market may remain stable, and the price of oil may gain a foothold above $ 70.

In such favorable conditions, Gazprom Neft shares may also continue to rise. Today the external background will support such a scenario. On Friday, quotes could not gain a foothold above the resistance of 385 rubles. Overcoming the level from the bottom up opens the way to 400 rubles. If suddenly the resistance is not passed, then, probably, the price will fluctuate in the range of 385-370 rubles.

On the technical side, the stocks already look overheated, so in the short term, a local correction may begin. Fixing below 375 rubles. can be the first negative signal. At the same time, overbought by RSI can be ignored for some time. A breakdown of 350 rubles will inform about the change in sentiment. top down. This may happen against the background of the deteriorating situation on the oil market, which is not completely ruled out so far. Otherwise, the correction can take place in the lateral direction.

  • Resistance Levels: 385/390/397
  • Support levels: 355/340/330

External background

The external background is moderately positive this morning. American indices rose slightly after the close of our main session on Friday. Asian markets are trading mostly in positive territory today. Futures on the S&P 500 index are unchanged, Brent crude is up 0.5% and is near the level of $ 69.8.

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 above the 50- and 200-week moving averages. The RSI indicator is near the overbought zone. MACD curves continue to show the formation of an upward trend.

It is important for buyers to gain a foothold above 390 rubles, which will open the way to levels above 410 rubles. However, the risks around the pandemic remain, and this may negatively affect the quotes of Gazprom Neft.

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