Gazprom shares in just one day lost achievements in a whole week

Trading results

The paper looked worse than the market, which fell 0.98%. Trading volume for the share on the main market amounted to RUB 14.4 billion. with an average monthly of 10.1 billion rubles.

Short-term picture

On Tuesday, Gazprom shares fell rapidly, which may be due to profit taking after the rally. A number of important events are expected today, which carry uncertainty, so investors preferred to cut long positions. The trading turnover was above average. The new support is the level of 273 rubles, although the closing of the evening session took place just below it.

The short-term dynamics of the instrument may be determined by the outcome of today’s meeting of the presidents of Russia and the United States. In the baseline scenario, a breakthrough in the relationship is not expected, but a deterioration is unlikely. With this development of events, Gazprom’s quotes may move to a gradual recovery.

The technical mid-term outlook on Gazprom shares remains positive, despite the proximity to multi-year highs. Trend indicators are looking up, drawdowns have been short so far and bought back quickly. The share has its own fundamental driver in the form of high gas prices in Europe, which implies an upside over RUB 300. per share. This can support the activity of investors and contribute to outstripping dynamics in relation to the market as a whole.

  • Nearest support levels: 273/270/268
  • Nearest resistance levels: 274/278/280

External background

The external background is neutral in the morning. American indices remained unchanged after the close of the main session at the Moscow Exchange. Asian indices are trading in negative territory. S&P 500 futures are up 0.01%. Brent crude is up 0.9% today. Futures on Gazprom shares during the morning session added 0.2%. All this suggests that if the background remains unchanged, the opening will take place near the closing level of the previous trading day.

Long-term picture

Gazprom shares have returned to pre-pandemic levels, and the situation on the gas market allows us to hope that the growth will continue. High prices for hydrocarbons, the prospect of high dividends and the likely completion of Nord Stream 2 may support quotes and contribute to the movement above 300 rubles. per share.

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