1. Trading results

Norilsk Nickel share price today: forecast and technical analysis


Norilsk Nickel

Trading results

At the previous trading session, shares of MMC Norilsk Nickel rose 0.67%, closing at 26,824 rubles. The paper looked at the market level, adding 0.4%.

Short-term picture

On Thursday, Norilsk Nickel shares broke through the level of 26,800 rubles. The picture of the previous days was repeated – at the beginning of the session there is an impulse of growth, and the rest of the day the securities are consolidating.

Fixing above 26 800 rubles. – a positive signal, but there is still a good level of 27,000 rubles ahead. With its breakdown of significant resistances up to 28,000 rubles. difficult to define. This morning there is a favorable background for a further rise in shares of Norilsk Nickel, but full confidence that 27,000 rubles. will be taken outright, no. It may be necessary to unload the indicators in the side beforehand.

On the daily interval, the strength on the side of buyers, only 27,000 rubles separates quotes from movement to historical highs. On the weekly timeframe, the stochastic gives a sell signal, but there are no more reliable indicators of correction yet.

  • Resistances: 27000/28000/28200
  • Supports: 26800/26500/26450/26100

External background

The external background is moderately positive this morning. American indices rose after the close of our main session on Thursday. Asian markets are trading in positive territory today. Futures on the S&P 500 index are up 0.1%, Brent oil is up 0.7% and is near the level of $ 68.6. All this suggests that if the external background persists, the opening will take place near the previous day’s close or slightly higher.

Long-term picture

Since 2009, Norilsk Nickel shares have been in a big up-trend. Growth impulses alternate with periods of sideways consolidation, drawdowns are quickly redeemed, indicating the strength of the trend.

Trend indicators on the weekly timeframe look up. The last correctional wave at the end of February was caused by the news about flooding of Norilsk Nickel mines. Due to the incident, the production plan for 2021 was reduced. However, the successful completion of the second phase of rebuilding work at the end of March and the confirmation of the production plan provoked a rebound. At the moment, the negative driver is largely already included in the prices.

In the first half of April, Norilsk Nickel announced that work at the Oktyabrsky mine had resumed. This became a positive driver for quotes. Thus, the risks of disruption of the terms of restoration of works were greatly minimized. In addition, the company announced the launch of a $ 2 billion buyback. The buyback factor may support Norilsk Nickel shares until mid-June.

On the positive news, the upper limit of consolidation was broken since the end of February – 24,500 rubles. With its breakdown, the technical picture has improved, the next growth target can be designated 27,000 rubles.

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