Gazprom analysis 24.11.2020

Gazprom share continues to rise and reached the resistance level 184.75 after confirming the bullish path, after breaching the resistance 180.70 and closing above it. And also after exiting the descending channel in which it was moving.

The price is moving above all the moving averages, which is a positive sign for a continuation of the bullish path.

While we have resistance at 201.50 and major support at 170.00.

We notice that the stochastic indicator exited from the overbought zone and this coincides with the price test of the resistance level, thus we may see a correctional decline in the price to the support level 170.00

The price action will be between the support level 170.50 and the resistance level 201.00.

The general direction of the movement is up.