On the previous trading day, Gazprom shares rose 0.57% to close at RUB 222.74. The security looked at the market level, adding 0.71%. Trading volume for the share on the main market amounted to RUB 7.6 billion. with an average monthly of 10 billion rubles. The 5-day average daily range is 380 minimum steps.
Gazprom shares on Tuesday managed to recover above 222 rubles, despite the weak background before the opening of trading. Local highs on the 4-hour chart are still showing a decline, so it is too early to talk about stopping the downward movement. However, the selling pressure, judging by the technical picture, turned out to be weaker than expected. This strengthens confidence in the continuation of the long-term uptrend after the exit from the consolidation of 210-230 rubles.
In the mid-term horizon, in the baseline scenario, Gazprom shares may show neutral dynamics in the range of 210-230 rubles. The focus may be on the size of dividends for 2020, which will be incorporated by the market into quotes as the dividend cutoff approaches. In case of the appearance of positive drivers, we can see a breakdown of the level of 230 rubles. and a new wave of growth in the medium-term upward trend, the target of which will be the area of 245-250 rubles.
- Nearest support levels: 222/217/211
- Nearest resistance levels: 225/227/230
The external background is positive in the morning. American indices fell after the close of the main session at the Moscow Exchange. Asian indices are trading in positive territory. S&P 500 futures are up 0.3%. Brent crude is up 0.5% today. Futures on Gazprom shares during the morning session added 0.38%. All this suggests that if the background remains unchanged, the opening will go above 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 quotes show the potential for continued growth. The long-term outlook on the company’s shares is positive. A rebound in gas prices, attractive dividend size and prospects for the completion of Nord Stream 2 could support quotes and support a recovery to late 2019 levels.
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