While Russia's stock market is determined by the direction of the medium-term movement, we decided to make a detailed technical analysis of securities of Gazprom. We believe that this review will be of interest not only for fans of papers, but also many medium-term speculators and investors. It shares a monopoly, despite the modest nature, often act as a litmus test the validity of our market, and sometimes reflect the true situation better than the composite index.

Globally Gazprom shares are moving in the uplink from the end of October 2008. Notably, the action came out of this channel and bargained over him throughout May and June 2009, but the peak of quotations in this time clearly realized the projection of the channel top. Trading range market is defined as 140 - 175 rubles. Yesterday the paper Gazprom little not reached the resistance line Canal, and today while they do not have the strength to try that amount of strength.

In the last trading session of the movement of quotations up at 170 rubles braked medium-term downtrend from the beginning of July 2009. Down quotes on the daily chart pull many supports:

- Moving Averages EMA21 and EMA13 located at 163/162, 5 rubles;

- moving average EMA100 and short-term uptrend line from July 13, 2009, tightening by the turn of 155/156 rubles;

- support line uplink from October 2008 that lies at 140 rubles.

In our opinion, if such a technical picture of paper more interesting for the opening of short positions on the levels of 170 and 175 rubles.

purchase securities in the medium term expedient, only if the quotes will sink in the area 140 rubles, or confidently be fastened above the turn of 175 rubles. Do not hurry to buy the paper as soon as you see the breakdown level of 175 rubles, wait for confirmation. Do not be afraid, do not have time to buy securities at a low price, because to market will be the mark of 210-220 rubles (the projection of the actual long-term channel top).

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