Magnit Weekly Review
Wave Analysis:
Magnit is currently trading within a converging wedge formation. We expect the bounce from the upper trendline to be the end of the impulsive wave (iv) , that the current bearish price rally is the continuation of the impulsive waves (v) and (c) to the lowerside and should not go beyond the supportive trendline. A clear breach below this trendline will push the price even lower but should not go beyond 3558.0. A break below this will push the price even lower, this view can only be invalidated in case the price breaks above the upper trendline, if this is the case, then a move to the upperside is expected.
Trade Recommendations:
Wait for a bounce from the supportive trendline to pick a buy
Lukoil weekly review
Wave Analysis:
Lukoil is currently trading with an increasing bullish bias momentum. As we mentioned in our previous forcasts as long as the price remains above the two simple Moving Averages, 52, 200, we expect nothing but a possible momentum to the upperside. The anticipated bullish price rally is the continuation of the impulsive wave (5) to the upperside and should breakout above 6145.2 towards 6200.00. The idea here is to wait for a possible correction to pick a low risk buy order and flouting stoploss. According to this chart, we’re only interested in looking for buy orders.
Trade Recommendations:
Wait for a low risk buy.
MegaFon weekly review
Wave Analysis
After breaking above the upper trendline, Megafon retraced back to the same trendline but failed top breakout below. As long as the price is contained above the now lower trendline, we expect nothing but a possible momentum to the upperside. The anticipated bullish price rally is the continuation of the impulsive wave (c) to the upperside and should breakout above 689.3. As it is, we only recommend looking for low risk buy orders. Conservative traders should wait for a minor correction back to the supportive trendline to pick a low risk buy order. A break below the same trendline will invalidate the anticipated bullish price rally and could push the price lower.
Trade Recommendations:
Wait for a bounce from the supportive trendline to pick a buy order.
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