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Rosneft Oil Co Russian Stock buy opportunities. Long term Oil and Gas stock forecast

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Rosneft Oil Company Russian Stock oil and gas related stock is providing with some long term buy  opportunities.

PJSC Rosneft Oil Company is a Russian integrated energy company headquartered in the Russian capital of Moscow. It is specializing on exploration, extraction, production, refinement, transport, and sale of petroleum, natural gas, and petroleum products. The company is controlled by the Russian government through the Rosneftegaz holding company.

Rosneft Oil Company has been rallying for months creating new monthly demand imbalances on the way up. We can see three of the monthly demand zones in Rosneft Oil Russian stock monthly timeframe. Last monthly demand imbalance is located around 396.45, this imbalance took control a few months ago and it’s been holding ever since.

Light Crude Oil and Brent Oil bearish bias.

Light Crude Oil and Brent Oil have been dropping for a few weeks, this is not helping longs on Rosneft Oil Company and related oil and petroleum stocks around the world. We expect price to drop lower to retest upper monthly demand level. There is a long term long bias, shorts are possible in lower timeframes but this is a long term supply and demand technical analysis done on the monthly chart.

There is another strong monthly demand level located lower around 327 where longs will be possible again but it could take a few months for price to retrace to that imbalance.

We don’t follow news releases or fundamentals on stocks analysis but if you are interested on the last news happening on Rosneft Oil Company Russian stock you can read below. It’s taken from Yahoo Finance.

MOSCOW (Reuters) – Russian President Vladimir Putin has asked his government to justify giving tax breaks to Russian oil major Rosneft  for developing a Siberian oilfield, a document published on the Kremlin website showed.

Rosneft’s request for tax deductions for developing Priobsky, its biggest oilfield, was approved by the government, the Kommersant newspaper reported in May, citing sources.

This was despite opposition from the finance ministry, which felt the tax breaks were excessive and would cost the federal budget over 460 billion roubles ($7.29 billion) over ten years.

The Kremlin document, dated July 20, instructs the energy and finance ministries to outline the economic justifications for providing Rosneft, Russia’s largest oil producer, with tax breaks for the Priobsky project.

Alfonso Moreno
Alfonso Moreno
Full time trader, expert technical analyst and founder of Set and Forget supply and demand online trading community. Traveler, photographer and adventurer.

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