Stock market growth is not a reason to buy


The situation in the global financial market continues to remain uncertain and has not fundamentally changed yesterday. Trading in America was volatile due to fears of rising inflation. The allocation of $ 1.9 trillion may well push the rise in prices, the corresponding bill was approved by the US Senate on Sunday.

Yesterday American indices closed in different directions, this morning their futures are trading in a confident, more than half-percent positive. So, we will most likely open with a slight increase, but this is not a signal for activation of purchases. The market will remain highly volatile, and those who do not like or do not know how to speculate, it is better not to take any action.

For more risky investors, the main mystery today will be Norilsk Nickel. After renewing all-time highs, the shares of the company fell by more than 20%. Including, over the past week, MMC lost 5.3% of its capitalization. Last week, shares closed close to the strong support of 22 thousand rubles. At the same time, the paper is heavily oversold in the short term.

Today we are waiting for a message from the company’s management how serious the consequences of the flooding of two mines will be for business. If the estimates turn out to be satisfactory, the shares of MMC may rebound strongly, by 7-8 percent.

The second interesting idea is Sberbank shares, which broke through the “ascending triangle” at the beginning of last week, and at the end of the week – tested the 273 rubles mark from top to bottom, which was previously a resistance. Thus, there is now a good technical picture for the continued growth of Sberbank, the target of which is the region of 290 rubles.

One should be very careful about the securities of the oil and metallurgical industry. In recent days, the dollar has been sharply strengthening against major world currencies, which puts pressure on the prices of commodity assets. Oil, however, is still holding high, but oil correction is only a matter of time.

The small rebound observed in the morning for the euro-dollar pair and the rising oil prices will support the ruble, which yesterday was rejected on the forex market with little liquidity without the Moscow Exchange without any significant changes. However, there are no reasons for a significant strengthening of the ruble. In case of any negative sanctions or deterioration of the external background, the dollar-ruble pair will again start testing the upper boundary of the sideways trend at 74.7. After its breakdown, the first target for the devaluation of the Russian currency will be area 76.

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