Record new account openings on MoscowExchange during 2023, has played its role in almost 90% stock advance since the year start.
The stock and volume dynamics show strong uptrend with good signs of accumulation on a weekly chart.
My chart analysis shows, that price has reached an important resistance zone of its strongest uptrend wave 3 at around 182 area and is now to be expected to re-base again, correcting ideally to its mid-term area of support: 155-166 area.
We may also notice that price looks extended from its 10w MA, that is a historical cautious sign for continuation of short and mid-term advance. We may also notice, that in Mar23 once price went above 50D MA by 18% that led to 2 months of correction.
Despite my bearish leaning short-term, my analysis still has room for price to extend to higher resistance targets to 195-200 area as an alt. wave 3 target.
Trading thesis: if price breaks bellow 21ema, preferably with volume pick-up, I would expect a move down to 166-155 area. If price decides to instead move above 185, I expect it to find resistance in 195-200.