During the previous week, Gazprom shares rose tremendously perfectly as previously forecasted and is still pretty much bullish both on the daily and the weekly charts. As long as the price remains above the supportive cloud formation, we expect nothing but a steep momentum to the upperside. The last two weeks has seen the volume of the shares of being traded increase beyond average. From from the current chart set up and structure, we expect further rise in value. Traders should expect further momentum to the upperside.
Trade Recommendations:
Buy Gazprom shares.
GazPromNef Weekly Review
Wave Analysis:
During the previous week, Nothing much happened on the shares of Gazpromnef. The shares of company closed pretty much to its opening price. This is despite the previous week’s forecast that we expected a rise to the upperside. The previous week’s candle not withstanding, we still expect further momentum even higher. While the price is still above the supportive cloud formation shown above, we recommend buyers to jump in and pick long positions. The level 390.32 is a critical level and if price can breakout above it, then further momentum to the upperside is expected.
Trade Recommendations:
We’re looking for low risk buy positions with the first take profit at 390.32 .
Lukoil Weekly Review
Wave Analysis
Lukoil continues to correct itself to the lowerside and is still pretty much bearish. As long as the price is protected from violating the upper side by the upper resistance cloud formation, we expect nothing but a possible momentum to the upperside. The anticipated bearish price rally is the continuation of the corrective three wave cycle and should breakout below 4824.5 towards 4135.5. And on the flip side, only a clear breakout above the recent highest high, 5981.5 will attract a long term buy.
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