Trading ideas for PJSC Rosneft 21.10.2019

The downward corrective movement reached the pivot zone 414.00. The stock is trading in an internal downward price channel. Stochastic Oscillator indicator shows oversoldness. The formation of an upward 123 pattern and break through the upper boundary of the downward price channel will provide the opportunity for further growth of the stock.

Trading recommendations:

Buy as an upward pattern 123 is forming, strictly above the downward price channel.

Stop Loss under the level of 414.0 or under the local minimum.

Target levels – 418.24; 421.80.