In the previous trading session, MMK shares fell 0.79%, closing at 63.32 rubles. The papers looked approximately at the market level. The trading volume amounted to over 1 billion rubles.
MMK quotes consolidated below the 21-day moving average, thus passing the first line of defense of buyers. New support is at 62.5 rubles, where the 50-day moving average is slightly lower.
On the technical side, the decline may continue, as on the daily chart the RSI indicator is slightly below the neutral point, and on the weekly chart it just left the overbought zone. The external background is mixed today, and MMK futures have not changed significantly. We can assume that in the near future the test will begin at 62.5 rubles. A breakdown of the level from top to bottom will report a deeper dive towards 60 rubles.
If the external background normalizes, then MMK quotes may go sideways. Local improvement will be reported by a return above the 21-day moving average.
- Resistance levels: 67.5 / 70 / 71.1
- Support levels: 62.5 / 60 / 57.5
The external background is mixed this morning. American indices declined after the close of our main session on Wednesday. Asian markets are trading in negative territory today. Futures on the S&P 500 index are up 0.34%, Brent oil is in the red by 0.88% and is near the level of $ 68.7.
Taking into account the results of the previous evening trades, it can be assumed that if the current background persists, the opening on MMK shares will be slightly lower than Wednesday’s closing level.
On the weekly chart, trend indicators show an upward direction. The RSI indicator is pointing down. MACD curves are moving sideways.
Financial indicators due to the planned increase in production may improve in 2021. Now this is a driver of growth or maintaining a relatively high price. The long-term outlook is moderately positive. Buyers need to gain a foothold above 70 rubles, which will open the way to 75 rubles.
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