RUB 213.3 is the first correction target for Sberbank shares
Bidding results
At the previous trading session Sberbank shares rose by 3.59%, closing at 216.7 rubles. The paper looked better than the market. The volume of trades amounted to 32.86 bln. rubles.
Short-term picture
Sberbank shares accelerated gains in Thursday trading, adding more than 11% against the week's lows. The price was above the 218 mark at one point, reaching the potential upper boundary of the two-month descending channel and the 200-day moving average.
On the hourly chart we can now see a clear overbought on RSI and MACD signals, as well as the Bearish Engulf candlestick pattern formed at the evening session. The external background is fully consistent with the idea of correction.
Supports now can be seen at 213.3, where the first boundary of the Fibonacci retracement takes place, then at the lows of the day - 211.4, and below that the question of closing the gap at 209.2 will arise. After such a spurt, even a pullback to 209.2 looks quite possible.
- Resistance levels: 218.7 / 220.5 / 223
- Support levels: 215 / 213,3 / 211,4 / 209,2
External Background
The external background is negative today. Asian indices demonstrate multidirectional dynamics. Futures on S&P 500 is down 0.6% this morning. Brent oil is cheaper today by 2.3%. The opening is expected to be below the previous session's closing level.
Long term picture
Sberbank's share price broke a five-year uptrend at the beginning of the year, but after consolidating in a medium-term sideways sidewall, held above the 2018 lows and came out of it upward.
A medium-term uptrend had been building for six months from the March lows. With the release of dividends it was broken, and the correction has already amounted to more than 50%. An impressive dividend gap remained unclosed at the top.
Historically, the trend remains upward. The Bank holds a leading position in the Russian economy, developing many digital services not directly related to banking activities. The consensus forecast, according to Interfax, is at 290 rubles per share.
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