VTB has once again was unable to overcome resistance in the region of 4.4 penny, and the paper now looks much worse than the market
Aug 20th, 2009 | By admin | Category: News and CommentsToday the Russian market is a typical day rebound from local minima, established the previous day. The positive external background allows securities to confidently held in positive regard. However, the situation is not so prosperous as to ensure sustainable growth for the entire day. Although the situation is under control bulls, investors fairly rapidly respond to emerging news that there may be an indication of the stability of ascending motion.
better market securities are oil companies. On the one hand, they are severely affected yesterday, while on the other - they have a reason for the growth in the form of greatly improved since yesterday the price of oil. Here, however, it should be noted that the main cause for the growth of quotations of black gold - a sharp decline in stocks in the United States - is, apparently, a single character and is associated with an abnormally low level of imports of raw materials in the States. Such imports are characteristic of those weeks where the closed port of Houston because of the hurricanes. And now, so to say in peacetime, such a low level of imports is an anomaly and are likely to recover normal value at the next week. Therefore, rebound in oil, most likely short-term, which, again, raises doubts about the sustainability of observed growth in the Russian stock market.
Among the securities that are traded in the red today, particularly the VTB, which is almost close to the resistance in the region of 4.4 penny, but once again was unable to overcome, and the paper now looks much worse than the market with a clear dominance of sellers . It is possible that speculators have shifted in some better paper with more volatility - in the same neftyanku.
notable movements of quotations can be happening with RusGidro and Irkutskenergo, where market participants are still reflected in the prices of the consequences of the accident at the Sayano-Shushenskaya GES. And the fact that RusGidro is not falling, you can take a good sign. Movement down shares Irkutskenergo now looks too big, and we can say that the incident revealed another obviously undervalued paper. Do speculators has reason to remove the quotations on the level, representing more than fair. We believe that Irkutskenergo still has offsaydom, estimated several tens of percent, and would recommend to look at the paper as a candidate for purchase, and not for sale.
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