At the previous trading session, Norilsk Nickel shares decreased by 0.54%, closing at RUB 16,646 The security looked better than the market, which lost 1.2%.
Short term picture
• At Friday’s trading, Norilsk Nickel shares continued to move downward as part of the downward trend of the last month.
• The hourly time frame shows signs of overheating, but the decline may continue in the short term. The nearest supports are at 16,550 and 16,400 rubles, here sellers can take a break.
• In the medium term, the zone of 15,700–16,000 rubles is important. It is possible that shares may reach these levels in the next few weeks, but there are not enough drivers for a breakout yet.
• On the daily interval, the stochastic is oversold, but does not yet give signals for a reversal.
Read also: Detailed description of all technical indicators
External background
Asian markets are trading mostly in positive territory today. Futures for the S&P 500 index are down 0.1%, Brent oil is down 1.1% and is around $78.3.
Resistance levels: 16900 / 17600 / 17900
Support levels: 16550 / 16400 / 16000
Long term picture
• In 2021, a correction began from historical peaks, which developed into a two-year downward trend. Quotes have lost more than 30% from historical highs.
• In the first half of 2023, the stock was in a sideways consolidation. In June, quotes broke through the downward trend; the driver of increased activity among buyers was the devaluation of the ruble.
• After breaking through the local maximum at RUB 17,200. quotes developed a growth impulse to 18,300 rubles, where sellers seized the initiative.
BCS World of Investments
2023-12-05 09:08:33
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