The technical picture allows us to count on continued growth in Gazprom shares

Trading results

On the previous trading day, Gazprom shares rose 1.81% to close at RUB 281.8. The paper outperformed the market, which added 1.35%. Trading volume for the share on the main market amounted to RUB 16.9 billion. with an average monthly of 10 billion rubles.

Short-term picture

On Wednesday, Gazprom shares broke through the resistance of 280 rubles. and found themselves at new multi-year highs. The daily candle closed at an intraday high. Trading turnover was 1.5 times higher than the daily average. This technical picture allows us to count on continued growth. The nearest short-term target may be the mark of 285 rubles.

TTF gas prices in Europe remain high, well above the seasonal levels. Yesterday, the nearest futures once again renewed their maximums and reached $ 430 per thousand cubic meters. The filling rate of storage facilities in Europe still does not exceed 48%, while in July Gazprom will close the Nord Stream and Yamal-Europe gas pipelines for repairs. High gas prices will continue to support the upward trend in Gazprom shares.

The mid-term outlook on Gazprom shares remains positive. Trend indicators on higher timeframes look up, drawdowns were still short and quickly bought back. 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: 280/276/273
  • Nearest resistance levels: 282.5 / 285/290

External background

The external background is mixed in the morning. American indices remained at the same levels after the close of the main session at the Moscow Exchange. Asian indices are mostly in negative territory. S&P 500 futures are up 0.15%. Brent crude is up 0.25% today. Futures on Gazprom shares during the morning session added 0.34%. 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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