The shares have reached an important milestone.
On Friday, NLMK shares rose by 1.17% to 76.18 rubles, and in the morning they added another 1.9%. The quotes approached 77.7 rubles - here is the 200-day moving average, which restrained growth throughout October.
A correction above this level will open the way to 80.6 rubles, and then to 85.9 rubles. But short-term indicators point to overbought: according to the BCS technical assessment, without positive news, it will be difficult to pass the barrier in the first attempt. During the pullback, the closest support zone is 74.5-75.9 rubles.
On the horizon this year, the BCS recommendation is "strong", the target is 94 rubles. World steel prices are important for business, and the weakening of the ruble can make the securities more attractive relative to other steel producers.