Gazprom Neft shares: forecast and technical analysis

Trading results

At the previous trading session, Gazprom Neft shares fell 1.18%, closing at 322 rubles. The papers looked approximately at the market level. Trading volume amounted to over RUB 317.8 million.

Short-term picture

There is a decrease in turnover in Gazprom Neft shares, which indicates caution among investors, while oil quotes are moving sideways.

In the last trading session, the price consolidated below the 50-day moving average – a short-term negative signal of the strength of sellers and a possible continuation of the price decline.

The external background will not support buyers today. Based on the combination of factors, we can assume that in the near future a test of support for 320 rubles may begin. If it is passed from top to bottom, then the decline may continue to 310 rubles. in the short term.

There are no positive signals yet, the situation on the oil market is uncertain, which creates local pressure on Gazprom Neft shares. If the situation changes for the better, the growth of shares may resume. First of all, you need to gain a foothold above the 50- and 200-day moving averages at 330 rubles. This will pave the way for a new growth phase with a benchmark above RUB 335. In the medium term, this is still possible.

  • Resistance levels: 330/335/341
  • Support levels: 320/315/310

External background

The external background is negative this morning. American indices declined after our close on Wednesday. Asian sites are trading in negative territory today. Futures on the S&P 500 index are down 0.35%, Brent oil is up 0.65% and is around $ 55.45.

Long-term picture

Since 2016, Gazprom Neft shares have been moving in a steep upward trend. 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 lost more than half of their value from historical highs. At the same time, the potential for a return to an upward trend remains with a decrease in the impact of coronavirus and a recovery in demand for energy resources.

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). The 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 surrounding the pandemic remain, and this may negatively affect the quotes of Gazprom Neft.

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