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 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.
Disclaimer: Any Advice or information on this website is General Advice Only - It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By viewing any material or using the information within this site you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by Set and Forget, its employees, or fellow members. Futures, options, and spot currency and stocks trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the Forex and futures markets. Don't trade with money you can't afford to lose. This website is neither a solicitation nor an offer to Buy/Sell spot Forex, cfd's, stocks or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.
High Risk Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in Forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results.