Analysis

	Russian Stock Market Summary as of March 25th, 2008.

The RTS Index. The decline to 1,946 points on the RTS Index may considered completed. The key resistance at 2,020 points is restricting the growth. Within the next few days the approach to 2,040-50 points is possible, with the further correction to the current prices of 2,015 points. Gazprom. The prices are attempting to reach the higher limit of the rising channel at 200 rubles. Several day closing prices over 297 rubles will indicate the confirmed turn upward with the goals of 305 and 308 rubles. Upon reaching 301.60 rub it is recommended to add to the existing long positions. Sberbank. The last week close was at 74.46 rubles, which is within the turning scenario in the short-term perspective. The goal of 78.80 rubles, which was mentioned in the previous summary, has almost been achieved. The turning signals indicate, however, a possibility for a short-term decline to 75 rubles, where it is recommended to renew long positions with the goals of less than 80 rub. Lukoil. The rate has approached the important resistance within the price range of 1,860-1,875 rubles, where profit taking and a price drop to 1,820 is expected. The first approaches to 1,892 rubles will be accompanied with a sale wave, but early next week this level may be passed, thus 1,780, 1,800 and 1,820 rub. marks shall be considered as points of transition to the long positions.
Nornickel.
The turn happened at 6,360 rubles, which is quite close to the forecasted 6,340 rubles. The rate hasn yet reached the upper goal of 6,780 rubles. The decline started from 6,666 rubles and the goals of such decline are 6,470 rubles, 6,440 rubles and 6,390 rubles. The critical support is at 6,320 (50% retracement of the 7,723 rubles to 4,913 rubles decline). A close within the next few days lower than 6,500 rubles may break the turn scenario based on the diamond figure on 4-o’clock graphs.