Analysis

	Russian Stock Market Summary as of March 20th, 2008.

A dull flat in view of the foreign negative background resulted in a sharp break through by the RTS Index of the 2,000 points level and rebound to 1,970 points. The trading within a narrow range of 2,000 – 2,080 points is the most optimistic forecast for the Russian market. The day closing lower than 1,990 points will result in a sales increase and testing of 1,950 points. Nornickel. The downward trend has been confirmed. The decline goals (the same as turn points in the short-term perspective) are 6,340 and 6,250 rubles. The growth may start prior to these levels as the day graphs show a serious overload. However, this growth is not likely to turn into a trend. A correction to 6,780 and 6,840 is more probable. Sberbank. The shares are being traded within the downward channel with the critical support of 71.15 rubles. If this level is broken through, a decline to 65.50 and 62.20 is possible. In case the week closing is lower than 74 rubles, the weekly charts will show a turn possibility up to 78.80. Lukoil. The sideways trend with the limits of 1,680 and 1,872 rubles hasn’t yet resulted in a breakthrough in any direction.
Sales are preferable from 1,825 rubles and 1,836 rubles and purchases from 1,720 (1,680) rubles with the goals of 1,800-1,820 and 1,840 rubles. The monthly graphs show that the downward trend has not yet finished, so purchases shall not be held for over one session. Gazprom. The prices are approaching the lower limit of the range at 281 rubles. The critical support is at 277.50 rubles, where turning stops from 280 and 281.5 rubles are recommended upon purchases. The current market situation is not the best for long-term long positions opening. Trading during the day with close profit goals is the safest strategy till the end of the month.