Moscow Exchange shares lost momentum for growth

At the previous trading session they grew by 0.06%, closing at 162.89 rubles. The papers looked approximately at the level of the market. The trading volume amounted to more than Rb 786m.

On Monday, the Moscow Exchange shares started to show a recovery after declining last week, but yesterday that trend faded and the price managed to consolidate slightly above the previous resistance (162.8).

The technical picture is neutral at the moment. Beas and Bulls power oscillators report a slight superiority of the buyers. RSI indicator on the daily chart is above the neutral value (50). And MACD curves are lying on top of each other and moving in a neutral direction - a signal of uncertainty about the direction of the trend.

The external background this morning is neutral, but shows slight improvement. Without support it will be difficult for buyers to resume growth, so a move in the range of 163-161.5 rubles is not ruled out today. If a short-term stimulus is found, there could be a break-up of Rb 163.3 from the bottom up, which would open the way to the levels above Rb 165.

Given the previous negativity and market uncertainty, a scenario of another decline is not excluded. This is signaled by a fall below 160 rubles, which could again lead to a test of 156 rubles, where the 50-day moving average is slightly higher.

The external background is neutral this morning. American indices after our close on Tuesday remained at approximately the same levels. Asian platforms are trading mixed today and show no unified dynamics. Futures are down 0.08%, up 0.43% and near $56.15.

Taking into account the results of previous evening trades it is possible to assume that if the current background remains, the opening on shares of the Moscow Stock Exchange will be close to Tuesday's closing level.

Long-term expectations are positive. There is an uptrend since last March. Trend indicators on the weekly chart are momentarily pointing upwards. RSI indicator is slightly below the overbought zone. MACD curves tend to cross.

The likely scenario now seems to be the growth of shares, but at a less rapid pace than at the beginning of the uptrend. The buyers' current task is to break above 170 rubles, and then the new target would be the levels above 180 rubles. A negative scenario is when the price falls below 130 rubles: the uptrend will be broken and it may start to go down to 128-125 rubles. Such scenario is not expected yet, but correction or continuation of lateral consolidation is not excluded.