Analysis

	Russian Stock Market Summary for February 14th – 18th, 2008.

The growth of the first echelon shares turned into a correction on Friday due to profit taking.  The RTS Index closed below 2,000 points at 1989.25 points. Today the positive mood took over and the growth comprised over 2%. The absence of bad news from abroad is good news in itself for the Russian market. The moderate optimism, which lets the market keep the moderate positive dynamics, may be a drive of growth to 2.050-2.075 points.
Rostelecom shares formed in the day graph a triangular, a break through the limits of which will indicate a mid-term trend. Upon a downward breakthrough, the trend may gradually turn into a full correction to 250 rub, lower – to 243 rub. Upon an upward breakthrough, the goals will be lower than 300 rub. The sales look reasonable from 288 and 294 rubles, purchases – from 265 and 250 rubles.
Gazprom cannot overcome the barrier of 318 rubles per share. The break through this level will indicate new goals of 322 and 330 rubles, from which sales are possible, connected with profit taking. The bottom purchases are reasonable from 305 rubles and continue at 300 rubles.
Lukoil shares need to go over the price limit of 1860-1880 rubles to overcome the downward trend. Otherwise, they will go down to the lower limit of the range of 1585-1610 rubles. First it would be good to go through 1825 rubles and stay above it.
 Upon break through the trend support down at 1,776 rubles, purchases may start from the support levels of 1,750 and 1,665 rubles.
Sberbank shares are close to the downward trend end. The purchases are from 82.50 rubles with the goals of 87.20 and 89 rubles in anticipation of correction look more attractive than sales.
It’s too early to talk of a turn in the mid-term perspective as soon after the above-mentioned correction, the level of 78 rubles will be tested again.
The technical situation is in favor of a short-term upward turn, but the monthly RTS Index graphs are not so optimistic.
The closing prices higher than 2,000 points within a few day sessions and then higher than 2,050 points on the day graphs can bring the buyers back to the market in the first decade of March.