Source Pravda.Ru

Stock market approaches substantial resistance levels

Russian stock market opened today virtually at Friday's closing, but after the London trade started, orders for purchasing shares emerged, largely in the oil sector, which pushed the entire market up. The leaders in terms of growth were common and preferred shares of Surgutneftegaz. It is noteworthy that the trade volume remains within the average daily figure, and the Moscow Interbank Currency Exchange (MICEX) accounts for the larger part of it, while the Russian Trading System (RTS) posted a low trade volume. The market has approached quite substantial resistance levels, while a number of stocks (YUKOS, LUKoil, Surgutneftegaz, RAO UES of Russia) even trespassed them. According to Alexey Sidorov, a trader of Prolog, an investment agency, "the next few days will show whether we'll be able to stay above these levels or we're in for a drop to the prices close to minimal this year".