Sber Bank stock analysis 28.10.2020

Sberbank continues to move within the descending channel in an attempt to correct the descending path after the stock opened trades on a large price gap where the price broke through the lower bound of the ascending channel within which it was moving and also managed to breach the support level 216.25

The price is moving below the moving averages that form resistance to the price and pressuring it to continue the downward path, although the price is moving away from the averages, so we could see a bullish correction to the 20 average at the resistance level of 216.34.

The current price action takes place between the support level 202.55 and the resistance level 2016.37 over the medium period which will be the main targets of the price action.

The general direction of the movement: a bearish path