Analysis

	Russian Stock Market Summary for the week of January 14th – 18th, 2008.

Rostelecom stocks were dropping following the market but at 280-284 rubles the buyers became active for a short time. Currently the price fluctuates around 275 rubles. The levels of 270 and 275 rubles are especially important for maintaining the rising trend. Upon their breakthrough, the support is a price in the range of 254-258 rubles. In case it does not subsist, the goals of the declining trend shall be 250 and 232 rubles.
So far the double peak figure has influenced this issuer substantially less than the RTS graph. The low is at the level of 38% correction according to Fibonacci and on the basis of the current purchase values they appear quite reasonable but only in the short term perspective, since the signs do not signify a turn. Sales start from 290 rubles.

Gazprom suffered massive sales. Within a week its shares lost almost 15% in value from 365 rubles to 311 rubles The trend goals are 301 and 285 rubles.
The level of 300 rubles, which is providing significant support to the "bulls", may not resist the pressure of foreign sales, but in the first approach to it and to 285 rubles, speculative purchases in view of a small rebound may be quite risky, but justifiable.

Gazpromneft stocks, as mentioned earlier, came out of the wave cycle of raising rates, and continued to decline.  The goals are at 135.4, 131 and 127 rubles. A turn or at least a correction is possible at 120 rubles.

Surgutneftegas after growth within the last weeks of the last year crashed below 28 rubles. From late December high the stock lost 20% in value.  The significant support levels have remained at 25, 24 and 22.8 rubles. A certain overload in the technical indicator values does exist, so careful purchases starting from 25 rubles with a short stop both for profit and losses is the best approach to short-term speculations. The mid-term prospects of the company are not clear, so sales 27.5 and 28.14 can be considered low risk operations.

The collapse in the Russian stock market is connected with the problems of the world and, to a greater extent, American economy. The investors are expecting a recession and are hastily selling shares. The massive sales of the Russian stocks will soon be changed by trading within a range.
In the current situation a full turn may be expected only after the USA FRB decision on the rates.