In the previous trading session, NLMK shares rose 1.45%, closing at 279.24 rubles. The papers outperformed the market. Trading volume amounted to over 2.9 billion rubles.
The positive on the steel market continues to push NLMK towards growth, ignoring overbought conditions. The technical picture indicates that the securities are overheated, which may soon lead to a local correction.
Today the external background is mixed, it is possible that sellers may start pressure and keep the price within 278-272 rubles. Descent under 270 rubles. may serve as a negative signal for a further decline to 260–250 rubles. Local correction is not yet considered a trend change, but is only a technical necessity for further growth.
At the same time, overboughtness can be ignored further, and the space for growth can be limited. It is not excluded that the resistance of 284 rubles. will be passed from the bottom up, which will open the way to the rise above 290 rubles. The positive may continue until the dividend register closes in early May, but drawdowns may occur earlier.
- Resistance levels: 284/290/295
- Support levels: 270/260/250
The external background is mixed this morning. American indices remained at about the same levels after the close of our main session on Monday. Asian markets are trading mostly in negative territory today. Futures on the S&P 500 index are up 0.1%, Brent oil is up 0.58% and is near the level of $ 66.
Taking into account the results of the previous evening trades, it can be assumed that if the current background persists, the opening on NLMK shares will take place close to Monday’s closing level.
Since 2014, stocks have been in an uptrend, which was broken in mid-2019 and reversed direction. The bottom of the downtrend in NLMK shares was found in the region of 100 rubles. at the peak of the market panic due to the coronavirus pandemic, in March 2020, after updating the annual low, the trend in stocks changed to an upward trend. Buyers bought out the entire annual drawdown.
The RSI indicator is below the overbought zone. MACD curves tend to cross, which is positive for continued growth. A more likely scenario is the continued growth of prices for NLMK shares above the level of 300 rubles. At the same time, sideways or corrections may form locally, since from the technical side the shares look overheated.
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