At the start of the trading session stocks may look better than Russia's banking sector to take positives from the U.S. sites
Sep 29th, 2009 | By admin | Category: News and CommentsEvening overbought may cause profit-taking
On the eve of Russia's stock market after the opening of the negative active'd play losses during the session, but the rebound fell at the main finish bidding. As a result, the MICEX index rebounded from day lows more than 3%, using only a technical rebound on the sites in the United States. After our closing situation in external sites has not changed significantly, so the opening is seen near the closing levels of yesterday's session. Technical rebound on U.S. sites had not received further development and Russia's market closed the session at almost maximum levels for the major U.S. indices. Quotes of oil traded on the closing levels of domestic market shares, and the zero dynamics of futures for U.S. indices do not give a clear signal for further sentiment. After the opening of a neutral, I do not rule out a wave of profit-taking, for which there are also reasons. First formed at the finish of the trading session overbought on domestic platforms at low volumes confirms interest from speculators, who easily will record profits. Secondly, the lack of a clear positive on Asian sites and reduce the Chinese index is practically the percentage before the opening of bidding also appears not in favor of continuing purchases. Thirdly, the day saturated output macroeconomic The data are important, which will also deter market participants from active operations.
session as a whole promises to be volatile. The main activity will have to re-start the trading session in the United States. Local Resistance Index SP 500 is the level of 1065 points. Positive data on consumer confidence in the U.S. may lead to penetration of this level up the SP, which will cause a wave of speculative growth in the domestic market shares at the finish of the trading day, which is used to lock in profits, given the saturation of the macroeconomic background for the current week.
Technically, the MICEX index continues its movement formed in July uplink upper limit of which around 1,220 points is a strong resistance level, which is cut position on the shares. Immediate support when changing trend in the day with a level of around 1,185 points.
At the start of the trading session stocks may look better than Russia's banking sector to take positives from the U.S. sites. The favorites can become VTB shares, in which there is demand from residents, as evidenced by more than 7% growth rate ADRs for shares, as well as the growth of futures for VTB shares during the evening session on FORTS.
Shares of Russia's oil and gas sector, to actively purchase at the finish of the trading session, on the eve retain obscherynochny trend in the lack of support from the commodity market, so after opening in the neutral sector stocks may dominate sales. Favorites of yesterday's session, shares of Surgutneftegaz may again start to look better than the others, which partly contributes to the growth of futures on shares during the evening session on FORTS. Technically, the resistance on the shares yavyaletsya level of 26 rubles.
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