July 21st, 2009
Another objective of the technical rebound on the RTS and MICEX indexes implemented. The indices reached the level of medium-term moving average MA60. MICEX Index at the same time overcome gepom level with the medium price of the book (IAD-60 = 982 p.).
External background during yesterday's trading session proved beneficial: oil rose, the ruble strengthened in the western stock sites marked demand for shares. It is certainly positive note sectoral structure of growth in Russian securities. In addition to the shares of oil and gas sector were among the leaders of growth equities gornometallurgicheskogo sector and electric power. Thus, investment demand is breadth.
The positive changes observed in the second-tier events. Index RTS2 after Thursday MA60-level has increased over the last two trading sessions to 4.5%. Thus was broken by a series of prolonged (9 sessions), fall.
indicator of medium-volume positions on the MICEX Index began yesterday pointed to a set of positions in the portfolios. However, growth was at a fairly high turnover (53 billion.). This leaves the bears a chance to counter with a view to closing yesterday gepa. LED net volume weekly positions OBV-5 has reached zero, which indicates the completion of a fixed short-term short positions by speculators. Thus, the strength of bulls diminished.
In general, the market has not yet received an answer to a question on the resource capabilities of medium players. And for that growth without money? Apparently, after the index levels MA60 begs some breathing space to consolidate power. Another aim of the growth index of the MICEX can become downward trend line of 19 May 2008 (~ 1100) are, with a breakdown of which way to the goal of ~ 1400 p.
again, as always, investors will closely monitor the situation on the US-market shares. SP500 Index reached a level of local maxima in 2002 We believe that this resistance will be covered.
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Asian markets today are growing, while Japanese Nikkei225 adds 2.73%, futures on S P500 reduced by 0.25%
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European currencies continue to feel very confident
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