Rosneft shares are one step away from renewing historical highs

rose by 2.38% at the last trading session. The closing price was 521.45 rubles. The papers were trading better than the market. The trading volume amounted to 4.5 billion rubles.

On Monday, trading opened with a gap up, and it was closed during the first hours. Then the upward movement continued, and the price rose to 522.4. The closing was near the historical highs. The technical picture indicates a continuation of the up-trend to the medium-term target in the 548-560 area.

In the coming days I expect a breakthrough of resistance 524 and after that a pullback back to test the strength of the buyers. As long as there is no breakdown and fixation of the daily candle below 505, the basic scenario is the continuation of growth.

The price is above the EMA and SMA moving averages. On the 4-hour chart RSI curve is in the overbought zone near the 73 p. The RSI and MACD indicators do not show any divergence with the chart. Technical factors indicate the emergence of overheating, but the margin for growth remains.

The external background in the morning is positive. Futures are up 0.6%. Asian indices are trading in the green zone. on the plus side by 0.5%. The current situation suggests that if the background remains intact, the opening of trading in Rosneft shares will be above the closing level of the previous session.

Rosneft is the first oil company whose shares have returned to the levels seen before the February-March sell-off. Since the November lows, Rosneft quotations have risen by 51%.

The RSI curve is under the overbought zone near the 69 pip level, MACD histogram shows no divergence with the price movement, which indicates that the buyers have enough strength for further growth.

In my opinion, the formed price movement tends to the 548-560 area. The global growth target is at 620.

The weekly candlestick is above the 494 level, which indicates the continuation of the uptrend.

If at the end of the week, the securities will settle below 494, there is a risk of going down to support 464.