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The two previous summaries quite accurately described the events of the past days. The RTS Index turned at about 2, 120 points (the low was 2,128points). The surprising news in relation to Nornickel, which we expected a week ago, finally happened, Rusal is planning to buy the share of M. Prokhorov. The further events will depend on the actions of another shareholder - V.Potanin, which still preserves the control over the most important world producer of nickel.
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The influence of the credit crisis on the market is weakening. The correction did not continue, which makes investors optimistic. The week started with a noticeable increase.
Gazprom stocks, after reaching the low of 302 rubles, have gone up again by 3% and are being traded at 312 rubles. The nearest resistance levels are at 317 rubles and 322 rubles. The day closing within the range of 305-308 rubles will confirm the exit from the downward trend.
After the news, Nornickel opened with a 200 ruble gap upward. The decline stopped on Tuesday, and a turn occurred between the levels of 6,600 rubles and 6,530 rubles mentioned in the previous summary at 6, 579 rubles. The breakdown of the 7.285 ruble-level will open the way to 7, 491 rubles. The support levels are 7,000 rubles, 6, 850 rubles, and 6,694 rubles. The recommendation regarding this stock is the same – to purchase on decline.
In spite of the continuous increase in crude oil prices, Surgutneftegaz is still being traded below 30 rubles, though the double peak figure formed at the level of 28.375 rubles is already noticeable. This indicates a possible testing of the 29.3 rub. level, the breakdown of which will result in leaving the downward trend. The confirmation of this scenario will be the closing of the day exceeding 30 rubles. The support from below is at 27.83 rubles and 27.0 rubles. The breakthrough of the latter will indicate the return of the downward trend, which now appears improbable.
Rostelecom is gradually getting out of the fall, where it found itself due to a prolonged wave of sales. The narrow range between 245 rubles and 247 rubles, restricting the started increase, shall soon yield to the buyers pressure. The price afterwards is expected to be 250 rubles.
Now we can only state the occurred trend turn. The purchases in the market were renewed and will be continued until the reaching by the RTS index of 2, 200, 2, 220 and 2,250 points. The break through the highs of 2, 300 points is not likely, we will see this week, but their repeated testing is close.
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Return Analysis
