The second week of February will bring in a flow of statistics well known by the investors but the attention may be focused on the speeches of the heads of the US Fed and the European central bank. The emotions of the market players evoked by the coronavirus situation are subsiding giving room to other catalysts.
Last summer, Gazprom stocks showed an excellent upwards dynamic and finally broke the sideways channel where they had been moving for several years. From the technical point of view, nothing extraordinary happened: as soon as the price is leaving a sideways channel, volatility is increasing and they may easily cover the distance equal to the width of this channel in the direction of a breakout. This is exactly what we’ve seen in the Gazprom chart
The last full-scale workweek of December is going to be quite empty of events and statistics: the catholic world will be away for Christmas, so the activity on the exchanges will shrink. In Russia, we speak more about the results of the year than tie up the loose ends. In other words, the year has been quite tough, it is time to have a rest.
Delivering speeches on various conferences, President Vladimir Putin seldom mentions the Russian stock market. However, on the investment forum “Russia calling!” he made an exception, paying attention to the substantial growth of the stock market, the capitalization of which in 2019 reached 48 trillion rubles (762 billion USD). He specially mentioned Gazprom (LSE: OGZD).