Oil support the bulls

The opening bid at the Russian sites, on Monday went from negative territory, after which bulls were able to extend the market into positive territory, against the backdrop of the growth of European sites and oil prices. Lateral movement in the middle of the day gave way to the closure of a wave of growth, which led the market for new daytime maximums. Better market finished the day, ordinary and preference shares of Rostelecom, which added 8.67% and 7.1% respectively. Also led growth Tatneft (7.57%) and Norilsk Nickel (5.82%). Worse than the market was the banking sector, Sberbank rose 0.35%, VTB Bank added 0.87%. At the end of the trading the MICEX index rose by 3%, finishing the day at 989.3.

External background continues to play on the side of the bulls. Overseas sites shown at the opening of the positive momentum, after which the markets have moved in the outset of the achieved levels. At the end of the trading Dow Jones Indexes and the S P500 added about 1%, NASDAQ index rose by 0.32%. At the morning session, the index futures on the S P500 continued lateral movement of the closing levels of the previous day.

Quotations of energy last night to demonstrate the positive momentum. At the morning session, continued growth in the course of the trading in oil futures reached a level of brand Brent 73.4 $ /barrel, which is a new annual maximum, after which there is a correction in the market. As a result, the futures trading at the 10.00 level of 72.6 dollars.

With the growth of petroleum quotations, bulls will try to reach the level of 1020 on the MICEX index, followed by possible consolidation of those levels in anticipation of two large blocks of statistics, which will be on Wednesday and Thursday. Today, the market may affect the data on an index of business activity and the Chicago region's index of consumer confidence.

We recommend that players remain in the cache. On the market there is a high volatility, with the direction of movement is absent. The point is to determine the resistance at 1020 points on the MICEX index, which is overcome in the case, perhaps we will witness continued growth and renewal of annual maxima.

The growth of Russian stocks this week may have only a speculative nature
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Review of the FOREX market for 29.06.09