On the previous trading day, LUKOIL shares rose by 1.26%, closing at 7335 rub. The paper looked at market level. The share trading volume on the main market amounted to RUB 10.8 billion. with an average of 8.1 billion rubles per month.
Short term picture
• LUKOIL shares continued to grow on Monday, but the dynamics slowed to the general market level. At the same time, trading turnover remained double-digit, indicating high buyer activity.
• Quotes have come close to the upper border of the ascending channel. Also very close is the level of historical highs – 7,530 rubles.
• The RSI oscillator signal line has almost reached 80%. A high level that increases the risks of correction in the short term.
• Three rising candles in a row have formed on the daily chart. At the same time, with each candle there is a damping of the growing impulse. Such formations often end with a correction.
• Judging by the combination of factors, we can say that the accumulated overbought status of the instrument is quite high. If the instrument is able to show a final powerful impulse to update the maximum, it is likely to be followed by a sharp correction. For short-term traders, this is an interesting opportunity to take profits.
External background
The external background in the morning is neutral. Asian indices are trading in negative territory. S&P 500 futures fall 0.1%. Brent oil is down 0.1% today.
Support levels: 7100 / 7000 / 6800
Resistance levels: 7400 / 7530 / 7600
LUKOIL chart online
Long term picture
The long-term view on the stock is moderately positive. Fundamental factors form a favorable picture. High oil prices, a weak ruble and the prospect of buying back shares from non-residents are largely included in prices, but can still play in favor of growth. When fixed above RUB 7,100. the target range may shift to the area of 7500–7600 rubles.
Read also: Detailed description of all technical indicators
BCS World of Investments
2023-10-17 07:07:30
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