In the past three trading sessions, the Polymetal share price has become very volatile today. The volatility started on June 18, when the company opened the trading session with an almost 3 per cent gap to the upside. However, by the end of the session, the prices had gone down by 5 per cent.
Then came the June 19th trading session, which saw prices surge by 32 per cent. According to many reports at the time, the share price surge may have responded to reports that the company was disposing of its Russian assets.
For context, Polymetal is a Russian-Kazakhstan company that, despite being directly targeted by Russian sanctions, has faced challenges due to its connection with Russia. As a result, the company announced it would focus on only its Kazakhstan assets. The decision saw many experts in the industry associating the over 30 per cent price jump with the shift.
Yesterday, Polymetal’s share price also started strongly in the early hours of the trading session, surging by 19 per cent. However, by mid-session, the prices had already started coming down. By the end of the session, the share price was down by 4 per cent, a 16 per cent drop from its price high.
Polymetal Share Price Prediction
Today, the share price opened to the downside with a 4 per cent gap. Since the session started, the prices have also moved further down, and the share price is currently down by 16 per cent. In the early morning of the trading session, the Polymetal share price had dropped by over 20 per cent, and the current 16 per cent standing is after the past few hours’ surge of 7 per cent.
Looking at the chart below, my Polymetal share price prediction expects the prices to continue falling. Part of the reason is that I think the company is still not out of the woods with the Russian sanctions saga. There is a high likelihood that the shift to Kazakhstan assets and ignoring the Russian ones will not have an impact in the next few trading session.
My predicted bearish trend will be a resumption of the long-term bear market that has seen Polymetal drop by 83 per cent since the war in Ukraine started. Therefore, I expect prices to trade below the 155 price level within the next few trading sessions.
Polymetal Daily Chart
