Sberbank shares have all the prerequisites for growth to 276 rubles
Bidding results
At the previous trading session Sberbank shares The stock rose by 3.08%, closing at RUR 270.1. The paper looked better than the market. The trading volume amounted to 18.05 billion rubles.
Short-term picture
Sberbank shares on Wednesday showed a steady rise, adding more than 3%. Earlier in the day the attempt to develop the rebound looked noticeably weaker. There was a significant intraday pullback from the highs of the week, which carried downside risks to 253.
However, yesterday the price stopped from going below 260 and after several hours of consolidation in the sideways loop it rushed up. A break of the local downtrend, and to a greater extent resistance at 267.4, improved the short-term picture. By the finish the price closed the left gap near 270.2. Now there are preconditions for advancement to the next significant resistance level at 276.
At the bottom, it is now important to hold support at 267.4.
Turnover has already declined and will continue to decline until the end of the week against the backdrop of the Christmas holidays in the West.
- Resistance levels: 270.3 / 272.4 / 276
- Support levels: 267,4 / 264,5 / 259,7 / 257
External Background
The external background today is moderately positive. Asian indices are mostly positive. Futures on S&P 500 in the morning is cheaper by 0.2%. Brent oil today decreases by 0.8%. The opening is expected to be higher than 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 forming for six months since the March lows. With the release of the dividend it was broken, but the price was able to close the dividend gap in just over a month and subsequently broke the 2020 downtrend and resistance stretching back from the 2018 highs.
Historically, the trend remains upward. The bank is a leader in the Russian economy, developing many digital services not directly related to banking. The consensus forecast is at 318.5 rubles per share.
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