Trading ideas for PJSC  Surgutneftegaz 10.03.2020

The stock is falling amid a sharp drop in oil prices. At the same time, do not forget about the company’s "money box" in USD. The more expensive the dollar, the more expensive the "money box". Since the beginning of the year, the ruble has weakened from 62.07 to 74.84. The balance sheet of Surgutneftegas has $52 billion. It is not difficult to calculate how much Surgutneftegaz earned on with the fall of the ruble.

Now the share price is approaching an important support level of 30 rubles per share, which is likely to deter the bears.

Trading recommendations:

Buy from the 30.00 support level.

Stop loss: 24.00.

Target levels: 36.00; 41.00.