The sharp pullback in Mosbirji shares looks alarming
The price of Mosbirji shares after a decline to the area of annual minimums showed a rebound to the area of 163.5 level, which earlier acted as a support in a wide sidewall. The sharp pullback from it looks alarming taking into account that the exit from the sidewall can be characterized as realization of the double-top reversal pattern. Its targets are noticeably lower than the current levels.
Yesterday the paper was holding better than the market, and today it will be difficult to show similar firmness at deterioration of external background.
On the one hand, we now see positive RSI signals on the daily chart and the price has significantly corrected from the highs. On the other hand, the above-mentioned risks of reversal pattern realization will become even more obvious in case of consolidation below 150.
The external background is negative this morning. APAC indices are showing negative direction. Morning futures are getting cheaper by 1%. declining by 2%. The opening is expected to be below the closing level of the previous session.
The stock was in a pronounced upward trend for almost the whole of 2020 and early 2021. Quotes were supported by such a strong fundamental driver as the inflow of private investors. In early May, a historical maximum was set, after which quotations went sideways in a wide range of 190-165 rubles. The reason was the increase in the key rate, pulling customers into deposits. At the end of last week the price went down from this sidewall, which threatened the development of correction in the direction of 150, which eventually materialized. Now there is a return towards resistance at 164 and the 200-day moving average.