Sberbank shares try on new correction targets
On Thursday, Sberbank reported slightly better than expected, but this did not help to compensate for the market-wide negative dynamics, provoked in particular by the growth of yields on the debt market.
Technically, the price went straight from the upper boundary of the sideway of the last few days to the lower boundary, the breakdown of which was avoided at the moment. However, there was no serious rebound, and taking into account the entry into the sidewall from above, negative MACD signals on the daily chart, the risks of a downward exit from consolidation have clearly increased.
Breakdown of support at 361.5 will open the way to the next correction targets for the growth wave from July lows. The support will be at 350-351 levels.
The external background is moderately negative this morning. Asian indices show multidirectional dynamics. Futures on the morning cheapens by 0.4%. grows by 0.2%. Bank stock futures are decreasing by 0.5% relative to the close of the evening session. It is expected to open below the previous session's closing level.
Sberbank's share price has historically been in an uptrend. In 2020, it was able to move up from a broad consolidation and renew record levels. In recent months, the price has been traveling in an ascending channel that has been forming since early 2021. In October, it accelerated and moved upward out of it, opening the way to levels close to the consensus forecast of RUB 403.6 per share.
The Bank holds a leading position in the Russian economy, developing many digital services not directly related to banking activities. Industry analysts, according to Interfax, maintain a "Buy" recommendation on the long-term horizon.