The technical picture in Sberbank shares improved slightly

Trading results

In the previous trading session, Sberbank shares rose 1.59%, closing at 296.1 rubles. The shares entered the top 5 growth leaders. Trading volume amounted to 10.4 billion rubles.

Short-term picture

Sberbank shares are expected to recover after falling earlier in the week. Buyers managed to return to the previous downward channel. The technical picture has improved slightly.

Today the external background is neutral, Sberbank futures have grown slightly. With a stable market situation, buyers can renew the pressure and start testing 298.5 rubles. A breakdown of the level from the bottom up opens the way to 301 rubles, where the EMA50 is now. Such a scenario takes place, but there are no clear signals for a change in sentiment yet.

Risks remain: a deterioration in the external background may return quotes below RUB 293, then the test of RUB 290 will resume. The breakdown of this support from top to bottom signals a further decline under 288 rubles. A small sidebar in the range of 298-294 rubles. could smooth things over.

  • Resistance levels: 298.5 / 301/304
  • Support levels: 293/290/288

External background

The external background is neutral this morning. American indices after the close of our day session on Tuesday remained at about the same levels. Asian markets are trading in different directions today and do not show uniform dynamics. Futures on the S&P 500 index are down 0.09%, Brent oil is down 0.65% and is in the region of $ 68.9.

Taking into account the results of the previous evening trades, it can be assumed that if the current background persists, the opening on Sberbank shares will be slightly higher than the closing level on Tuesday.

Long-term picture

Sberbank’s share price has historically been in an upward trend. In 2020, it was able to break up from broad consolidation and renew record levels. However, the medium-term upward trend was broken and there were risks of strengthening the correction and retreat to 296.

The bank occupies a leading position in the Russian economy, developing many digital services that are not directly related to banking. The consensus forecast is at 374.3 rubles. per share. Industry analysts, according to Interfax, keep their Buy recommendations for the long term.

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