Analysis

	Russian Stock Market Summary as of April 10th, 2008.

The RTS Index continued to grow, having reached the 2,120 points mark. As the western stock indexes are going down, this trend looks promising. Therefore, it is worth waiting for the next growth to 2,150 points. Sberbank shares have finally gone up from the low of 71 rubles and rose to 79.60 rubles, which indicates an attempt to break through to 80 rubles within the next few weeks. The negative news from the foreign stock markets connected with the mortgage crisis and bank write-offs do not let these shares leave the downward trend. Gazprom has broken through the 303.50 rub. level and has more than once tested 310-311 rubles. Since March 20th, 2008 the growth comprised 10%, which indicated the beginning of profit taking. This may make the price drop to 305 rubles. The upward trend goal is 318 rubles. The bottom support is at 301.50, 303.50, and 305 rubles. At the end of last week, Nornickel was being traded at 6,308 rubles but since the news that the merger with Rusal may not happen, the price has been steadily growing to the key resistance level of 7,035 rubles. The growth also comprised 10% and a correction followed immediately. Within an hour and a half the prices dropped to 6,856 rubles. The further events will depend on the complex relationships of the major shareholders and a possible merger with Metallinvest of A.Usmanov, who evaluated Nornickel at 7,300 rubles per share. The technical situation does not exclude a possibility of reaching 7,180 rubles within the next few days. Lukoil went up from the trading range. The price is at 2,000 rubles. The key resistance is at 2,052 and 2,070 rubles. The support is at 1.940 rubles. The goal is 2,220 rubles. As the crude oil prices grow, this increase seems quite reasonable. In general, the market has been optimistic due to increase of natural resources price and the general desire of investors to fill their portfolios after the first quarter reports.