290 rubles is the first target for Sber shares

1.52% went up on Tuesday. The paper looked at the level of the market. The volume of trades amounted to 49 billion rubles. In the morning trading the shares are growing by 0.12%, up to 285.2 rubles.

Sberbank shares yesterday recovered the deep drawdown of the morning session. The price went into plus and by the results of the evening session added one and a half percent. Today we observe a logical attempt to develop the rebound. Yesterday it was noted that a rebound to 290 is likely. So far, the quotations have not even reached this mark.

Here at the levels of 290-291 is the first Fibonacci resistance level relative to the wave of decline from the highs of the year. The exit here will not mean a full-fledged interception of the initiative by the buyers. For this purpose it is rather necessary to break the downtrend at 310.

On the daily chart, the bullish divergence, which was noted earlier, is relevant again and indicates the prospects of a return to 300. RSI is still pressed here to the oversold zone, and room for upward maneuvering is obvious.

Note that today Sberbank will hold an Investor Day (16:00 MSC).

The external background is neutral this morning. APAC indices are showing multidirectional dynamics. Futures for the morning are rising by 0.15%. falling by 1%.

Sberbank's share price has historically been in an uptrend. In 2020, it was able to come out of a broad consolidation and renew record levels. In October, the price almost reached the round mark at 400. The subsequent correction significantly threw the quotes downward. The one-year rising trend was broken and it went below the 200-day moving average.

The bank is a leader in the Russian economy, developing many digital services not directly related to banking. Industry analysts, according to Interfax, maintain a "Buy" recommendation on the long-term horizon. The consensus forecast is at 421.8 rubles.