PJSC Rosneft Oil Company is a Russian integrated energy company headquartered in the Russian capital of Moscow. It specializes in the exploration, extraction, production, refinement, transport, and sale of petroleum, natural gas, and petroleum products. The Russian government controls the company 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 monthly demand zones in Rosneft Oil Russian stock’s monthly timeframe. The 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 ROSN

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 worldwide. We expect the price to drop lower to retest the 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 the price to retrace to that imbalance.

We don’t follow news releases or fundamentals on stock analysis, but if you are interested in the latest news 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 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.

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.