Despite the fact that the external news background has now become more favorable for the bull than yesterday's, it is unlikely we will see an active and continuous growth of Russia's quotes throughout the day.

For last trading session, many stocks have become not only a visual way, but came to the local levels of resistance. The apparent growth of quotations, we can observe only in the case of the breakdown of symbolic boundaries, which are located at a distance of 0,5 - 1% of the closing levels of the major indices and the blue chips.

Therefore, in our view, it is logical to try to short-term to play for the Bears, but without any fanaticism, and only a quarter of possible borrowing.


To open a
short positions, we would have chosen the paper LUKOIL or MMC

Norilsk nickel - they go well, allowing the speculators did not wait long Profit.

shortly interest to short may be a paper Polyus Gold. These shares are fairly unusual tool for the bears, but nevertheless, they are very vulnerable in terms of technical analysis, if they can not resist over 1,270 rubles abroad (long-term downtrend line from May 2008, punched in last Friday).

In which direction would you not take positions on these shares, remember that necessarily need to monitor the behavior of quotations produced by the main raw material. If gold contracts will beat the record in March 2008 (1030 dollars per ounce), then save short positions in shares of gold mining companies would be extremely risky.

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Today, we look forward to the opening of trading around previous closing levels on the equity market.

hours trading on the U.S. stock market is not held in connection with a holiday known as Labor Day, which will be this Monday.

From a technical point of view, on Friday the Dow Jones index continued to rebound the formation of correct reduction of 28 August to 50% Fibonacci in the 9440 points, where the index was closed. Furthermore, now on the hourly chart of the MACD indicator to implement a bullish divergence indicator and Stochastic's in the purchase, but in the overbought zone, which allows the resumption of decline on Tuesday.

Regarding the closing week, the Bears have failed to form a bearish absorption and fully confirm the reversal.

So, while locally still not be ruled out that there was a correction of growth of 18 August, and now will be final run to the below mentioned objectives. If the Dow Jones only corrects the fall, it will not go above 9500 points.

resistance level is the upper limit of the outgoing formation in the 9650 points.

on the daily chart on the indicator MACD bearish divergence. Indicator Stochastic's is buying.

On the daily chart optimists can still count on the continuation of the jump, after the Dow Jones corrected the growth of 8 July only to 9120 items, representing 23.6% of Fibonacci. All goals rebound 9637-9796-9945-9955-10159 points.

From a technical standpoint, yesterday opened the MICEX index closed above the previous levels, after which the bulls have continued to monitor the situation on Russia's stock market.

In the second half of the trading session the situation on the equity market does not fundamentally changed, but the late afternoon bulls stepped upward movement. The volume of the trading session totaled about 47 billion rubles.

Yesterday MICEX index went again to the fractal for purchase at around 1112.36 points, which happened near the closing of the trading session. In addition, the MICEX index has now extremely overbought, which now allows the resumption of corrective movement to the rising trend in the region of 1090 points.

If the bulls will go above 1,113 points, and then through the shares of Sberbank, the next level will continue to 1120 points, then by 1130-1135 points.

In addition, the daily chart the MICEX index continues to trade within the horizontal triangle with the lower limit in the vicinity of 1045-1050 points, and the top in the 1130 points. Remember that from the standpoint of classical analysis, this figure is a continuation of the trend, so the optimists will wait until the top of the growth of a double top, and then to a new high under the high medium-wave scenario.

However, in terms of wave analysis, this figure can be of the same corrective wave to fall on June 2, so the pessimists will wait until the bottom. In addition, much depends on how the mark with this figure, and in the pessimistic scenario, we have already seen the formation of the 5 waves in the triangle abcde.

From the classical point of view of the level of support will be an uptrend in the region of 1090 points, and resistance to the trend in the 1120 and 1130 points.

also worth noting that the indicator MACD bear situation. In addition, the indicator Stochastic's is buying in overbought zone.

In the short-wave point of view, the MICEX index may still be on the stage of formation of a large correctional rebound with the objectives 1040-1085-1140 items, representing 50% -61.8% -76.4% of all Fibonacci from the fall on June 2. If the rebound is over, and out of the triangle will be down, then finally can begin a new stage of decline to 500-550 points.

remind that the final medium change after the 970 points, long after the 882 points, to strain after 1013 points, to think after 1075 points. All above, all in favor of the bulls.

As optimists, they will see the formation of the 5th to subvolny 1230-1330-1402 items, but for this MICEX index should not take 970 points, as well as to overcome the 1,182 points. In this wave, they see the formation of the 3rd wave of small to 1210-1250 points.

Nearest daily fractal for sale is located on a mark of 852.03 points, while the daily fractal purchase is located on a mark of 1130.51 points. Local fractal purchase is a mark of 1147.28 and 1135.84 points, but on sale at elevations 1075.43 and 1077.2 points.

Yesterday we were advised to hold short positions before the 1022-1025 points, stop just above the fractal for purchase at around 1112.36 points. Those who did not have short positions, was advised to trade within the horizontal triangle. Today's recommendation does not change.

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