Buyers keep the initiative in Sberbank shares
Sberbank's stock price reached the round mark at 300 for the first time on Tuesday. Technically, the paper looked good two weeks before the dividend cutoff, and there are chances to pass the nearest sellers' defense near 296.1-296.5.
Having updated the record levels, the price brought the RSI to the upper zone of extreme values on the hourly and four-hour charts. Overbought provoked the fixing from the round mark, which followed and in a moment brought the quotations back to the nearest support at 296.5. As we can see, it restrained the sellers' onslaught, and the subsequent bounce suggests that the buyers retain the initiative.
At the top the benchmarks are shifting to 305 and then 308. On the higher daily timeframe there is no overbought and the price can continue to rise.
The external background is neutral this morning. Asian indices show multidirectional dynamics. Futures on the morning expensive by 0.1%. today is growing by 0.3%. Futures on Sberbank shares are cheaper by 0.1% relative to the close of the evening session. The opening is expected near the closing level of the previous session.
Sberbank's share price has historically been in an uptrend. In 2020, it was able to come out of a broad consolidation and renew record levels. The medium-term trend is also rising now, but this trend is increasingly shifting to a broad sideways trend.
The bank is a leader in the Russian economy, developing many digital services not directly related to banking. The consensus forecast is at 354.9 rubles per share.