Gazprom analysis 13.10.2020

Gazprom settled below the support level of 186.00, as it continues to move within the descending channel that appears on the chart.

The price is now moving below the 20-50 averages that form resistance levels and pressurize it to decline.

While we have major resistance at 202.70 and major support at 158.75.

We see that the stochastic indicator is trying to exit the oversold area and return to the upside towards the overbought area and start the movement within an upward path. This coincides with the price reaching the lower bound of the descending channel within which it is moving, so we may see an upward correction in the price.

The price action will be between the support level 158.75 and the resistance level 202.20.

The general direction of the movement is bearish.