On the previous trading day, Gazprom shares rose 0.38% to close at RUB 231.38. The paper outperformed the market, which lost 0.76%. Trading volume for the share on the main market amounted to RUB 7.4 billion. with an average monthly of 10 billion rubles. The 5-day average daily range is 400 minimum steps.
On Friday, Gazprom shares briefly went below 230 rubles, but by the end of the evening session they recovered their losses and closed the day in positive territory. The stock side has been going on for the third week. During this time, short-term futures for TTF gas on the ICE and CME exchanges gained about 20%, which positively affects the gas company’s profit forecasts. In the coming weeks, this factor may be reflected in the quotes, which will contribute to the continuation of the medium-term upward trend. A signal for a new growing wave may be a breakdown of the level of 236 rubles. with subsequent testing of the zone 238–240 rubles.
The mid-term outlook remains positive. The uptrend is in force, as indicated by the steadily growing local lows on the 4-hour and daily timeframes. Gas prices remain high, supporting optimism about Gazprom’s earnings forecasts. With a favorable sentiment, the levels are 250-260 rubles. can be achieved by summer.
- Nearest support levels: 230/227/221
- Nearest resistance levels: 236/238/240
The external background is mixed in the morning. American indices rose after the close of the main session at the Moscow Exchange. Asian indices are trading in different directions. S&P 500 futures are down 0.25%. Brent crude is down 0.05% today. Futures on Gazprom shares during the morning session added 0.05%. All this suggests that if the background remains unchanged, the opening will take place near the closing level of the previous trading day.
The potential of the first wave of growth after the reversal of the 2020 downtrend was realized. After a slight correction, the shares attempted to gain a foothold above RUB 230, but the buyers very quickly gave in to the sellers, and the quotes returned to their previous levels. The lateral period is likely to be slightly longer. Nevertheless, in the future, relatively high prices for hydrocarbons, the prospect of high dividends and the likely completion of Nord Stream 2 may support quotes and help to restore to 12-year highs of about 270 rubles.
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