MOEXOG (Oil and gas index) – falling oil prices and loss of natural gas markets
"Oil continues to fall on fears of a rate hike by the US Federal Reserve"
The lack of an expected result in combating inflation forces the Fed to tighten its rhetoric up to the possibility of further rate hikes, which puts pressure on commodity markets. Court hearings in the EU aimed at banning payments for Russian gas indicate the long-term nature of restrictions for domestic gas suppliers.
TAKE PROFIT
Since the beginning of September 2023, the oil and gas index has moved into a flat correction. Having gained a foothold above 9250 points in early April, the index was unable to develop further forward movement and returned on 05/21/24 back to the 9250 level, while breaking through a local growing trend downwards. This pattern greatly reduces the likelihood of further growth. We believe that the index will continue to decline to the level of 8,400 (-7% from the current level of 9,050 points).
STOP LOSS
Do not forget about risk management. If the price is fixed above 9550, then the forecast for a decline in the index is canceled. A stop order can be placed at the level of 9300 rubles (+2.6% of the current level of 9050).
Disclamer. The analytics presented here are designed for people who have at least a basic understanding of the Russian financial market. If you have difficulties with the practical implementation of our recommendations, you can use the services of our specialists with the Portfolio Consultant package at the link: https://eraperemen.info/priobresti/
