Gazprom Neft shares may soon test the level of 320 rubles

At the previous trading session they fell by 1.18%, closing at 322 rubles. The securities looked approximately at the market level. Volume of trades amounted to more than 317.8 mln. rubles.

Gazprom Neft shares have seen a decline in turnover, indicating investor caution, while oil quotes are moving sideways.

Last trading session, the price consolidated below the 50-day moving average - a short-term negative signal of sellers' strength and possible continuation of the price decline.

The external background today will not support buyers. According to the totality of factors, it can be assumed that in the near future a test of the support of 320 rubles may begin. If it is passed from top to bottom, the decline may continue to 310 rubles in the short term.

There are no positive signals yet, the situation on the oil market is uncertain, which creates local pressure on Gazprom Neft shares. If the situation changes for the better, the stock growth may resume. First of all, it is necessary to consolidate above the 50- and 200-day moving averages at the level of 330 rubles. This will open the way to a new phase of growth with a benchmark above 335 rubles. In the medium term, this is still possible.

The external background is negative this morning. American indices have declined after our closing on Wednesday. Asian sites are trading in negative territory today. Futures are down by 0.35%, in plus by 0.65% and is near the $55.45 level.

Gazprom Neft shares have been moving in a steep uptrend since 2016. The rise in quotations was accompanied by two correction waves in 2017 and 2018.

In 2020, the impact of the coronavirus on global markets and oil prices led to a breakdown of Gazprom Neft's upward trend, with shares losing more than half of their value from historical highs. At the same time, the potential for a return to an upward trend remains if the impact of the coronavirus diminishes and demand for energy resources recovers.

On the weekly chart, the price is fixed between the 50- and 200-week moving averages. RSI indicator is at the neutral point (50). MACD curves continue to show the formation of an upward trend, but there is an aspiration to cross.

It is important for buyers to consolidate above RUB 350, which will open the way to levels above RUB 370. However, risks around the pandemic remain, and this may negatively affect Gazprom Neft quotations.