a project report on technical analysis at share khan

A STUDY ON TECHNICAL ANALYSIS At

INDUSTRY OVERVIEW

COMPANY PROFILE….

Babasabpatilfreepptmba.com

1


INDUSTRY OVERVIEW

A stock market is a private or public market for the trading of company stock

and derivatives of company stock at an agreed price; both of these are securities

listed on a stock exchange as well as those only traded privately.

Definition:

The expression 'stock market' refers to the market that enables the trading of

company stocks (collective shares), other securities, and derivatives. Bonds are

still traditionally traded in an informal, over-the-counter market known as the

bond market. Commodities are traded in commodities markets, and derivatives

are traded in a variety of markets (but, like bonds, mostly 'over-the-counter').

Market participants:

Many years ago, worldwide, buyers and sellers were individual investors, such as

wealthy businessmen, with long family histories to particular corporations. Over

time, markets have become more "institutionalized"; buyers and sellers are largely

institutions (e.g., pension funds, insurance companies, mutual funds, hedge funds,

investor groups, and banks).

The rise of the institutional investor has brought with it some improvements in

market operations. Thus, the government was responsible for "fixed" fees being

markedly reduced for the 'small' investor, but only after the large institutions had

managed to break the brokers' solid front on fees (they then went to 'negotiated'

fees, but only for large institutions).


2


Importance of stock market:

1. Function and purpose:

The stock market is one of the most important sources for companies to raise

money. This allows businesses to go public, or raise additional capital for

expansion. The liquidity that an exchange provides affords investors the ability to

quickly and easily sell securities. This is an attractive feature of investing in

stocks, compared to other less liquid investments such as real estate.

2. Relation of the stock market to the modern financial system:

The financial system in most western countries has undergone a remarkable

transformation. One feature of this development is disintermediation. A portion of

the funds involved in saving and financing flows directly to the financial markets

instead of being routed via banks' traditional lending and deposit operations. The

general public's heightened interest in investing in the stock market, either

directly or through mutual funds, has been an important component of this

process. Statistics show that in recent decades shares have made up an

increasingly large proportion of households' financial assets in many countries.

3. The Stock Market, individual investors & financial risk:

Riskier long-term saving requires that an individual possess the ability to manage

the associated increased risks. Stock prices fluctuate widely, in marked contrast to

the stability of bank deposits or bonds. This is something that could affect not

only the individual investor or household, but also the economy on a large scale.

This is certainly more important now that so many newcomers have entered the

stock market, or have acquired other 'risky' investments.


3


Irrational behavior:

Sometimes the market tends to react irrationally to economic news, even if that

news has no real effect on the technical value of securities itself. Therefore, the

stock market can be swayed tremendously in either direction by press releases,

rumors, euphoria and mass panic. Over the short-term, stocks and other securities

can be battered or buoyed by any number of fast market-changing events, making

the stock market difficult to predict.

4. The Crashes:

A stock market crash is often defined as a sharp dip in share prices of equities

listed on the stock exchanges. In parallel with various economic factors, a reason

for stock market crashes is also due to panic. Often, stock market crashes end up

with speculative economic bubbles.

Stock market index:

The movements of the prices in a market or section of a market are captured in

price indices called stock market indices, of which there are many, e.g., the S&P,

the FTSE and the Euronext indices. Such indices are usually market capitalization

(the total market value of floating capital of the company) weighted, with the

weights reflecting the contribution of the stock to the index. The constituents of

the index are reviewed frequently to include/exclude stocks in order to reflect the

changing business environment.


4


Derivative instruments:

Financial innovation has brought many new financial instruments whose pay-offs

or values depend on the prices of stocks. Some examples are exchange-traded

funds (ETFs), stock index and stock options, equity swaps, single-stock futures,

and stock index futures. These last two may be traded on futures exchanges

(which are distinct from stock exchanges—their history traces back to

commodities futures exchanges), or traded over-the-counter. As all of these

products are only derived from stocks, they are sometimes considered to be traded

in a (hypothetical) derivatives market, rather than the (hypothetical) stock market.

Leveraged Strategies:

Stock that a trader does not actually own may be traded using short selling;

margin buying may be used to purchase stock with borrowed funds; or,

derivatives may be used to control large blocks of stocks for a much smaller

amount of money than would be required by outright purchase or sale.

1. Short selling:

In short selling, the trader borrows stock (usually from his brokerage which holds

its clients' shares or its own shares on account to lend to short sellers) then sells it

on the market, hoping for the price to fall. The trader eventually buys back the

stock, making money if the price fell in the meantime or losing money if it rose.

Exiting a short position by buying back the stock is called "covering a short

position." This strategy may also be used by unscrupulous traders to artificially

lower the price of a stock. Hence most markets either prevent short selling or

place restrictions on when and how a short sale can occur.


5


2. Margin buying:

In margin buying, the trader borrows money (at interest) to buy a stock and hopes

for it to rise. Most industrialized countries have regulations that require that if the

borrowing is based on collateral from other stocks the trader owns outright, it can

be a maximum of a certain percentage of those other stocks' value. A margin call

is made if the total value of the investor's account cannot support the loss of the

trade. Regulation of margin requirements (by the Federal Reserve) was

implemented after the Crash of 1929. Before that, speculators typically only

needed to put up as little as 10 percent (or even less) of the total investment

represented by the stocks purchased.

New issuance:

Global issuance of equity and equity-related instruments totaled $505 billion in

2004, a 29.8% increase over the $389 billion raised in 2003. Initial public

offerings (IPOs) by US issuers increased 221% with 233 offerings that raised $45

billion, and IPOs in Europe, Middle East and Africa (EMEA) increased by 333%,

from $ 9 billion to $39 billion.

Investment strategies:

One of the many things people always want to know about the stock market is,

"How do I make money investing?" There are many different approaches; two

basic methods are classified as either fundamental analysis or technical

analysis. Fundamental analysis refers to analyzing companies by their financial

statements found in SEC Filings, business trends, general economic conditions,

etc. Technical analysis studies price actions in markets through the use of charts

and quantitative techniques to attempt to forecast price trends regardless of the

company's financial prospects.


6


Taxation:

According to each national or state legislation, a large array of fiscal obligations

must be respected regarding capital gains, and taxes are charged by the state over

the transactions, dividends and capital gains on the stock market, in particular in

the stock exchanges. However, these fiscal obligations may vary from jurisdiction

to jurisdiction because, among other reasons, it could be assumed that taxation is

already incorporated into the stock price through the different taxes companies

pay to the state, or that tax free stock market operations are useful to boost

economic growth.


7


COMPANY PROFILE

Sharekhan is the retail brokering arm of SSKI; SSKI is SS Kantilal Ishwarlal

Securities Pvt. Ltd. It is an organization with more than eight decades of trust and

credibility in the stock market.

As the punch line of the company says it’s a guide to the financial jungle it has

its many group of companies carrying on financial activities.

Sharekhan – Retail broking brand

Sharekhan is the retail broking arm of SSKI group. Sharekhan has successfully

transformed into a full fledge retail brand of SSKI. It is a one stop shop for all

kind of trading activities related to share and other recent happenings like

derivative market and evolved commodity market in India.


8


Sharekhan.com

Sharekhan.com is the answer for the highly volatile stock market in India.

As the market has grown leaps and bounces in the recent year. SEBI (Securities &

Exchange Board of India) has made Demat Account mandatory for trading in any

of the stock exchanges. Share khan along with banks in India has fund transfer

facility with many of these banks.

The online form of trading is carried on through Sharkhan.com. It allows the

clients to access the website to know about the latest news in the market and the

impact it has on the various scrips. SSKI is in the Indian securities business since

1922. Share khan is serving Institutional Investors –Domestic /International. The

institutional Research team is rated as one of the best in industry Sharekhan has

been rated as among Top 3 domestic brokerage and rated as one of the most

aggressive in the industry.

SSKI Group Companies

SSKI Investor Services Ltd. (Sharekhan)

S.S. Kantilal Ishwarlal Securities.

SSKI Corporate Finance.

Vision:

To be the best retail broking brand in the Indian

Equities market.


9


Mission:

To educate and empower the individual investor to

make better investment decisions through quality

advice and superior service.

The Sharekhan Way of Life:

People driven relationships

Growth driven

Values and ethics based

Sharekhan’s Beliefs and Expectations:

At Sharekhan people believe in and promote a culture that ….

Stimulates the employees drive to excel.

Nurture their entrepreneurial sprit by providing them exposure to

challenging work opportunities and imparting autonomy to function

effectively.

Enhancing transparency and trust, being non-discriminative to any

practice/procedure/system.

Acknowledges and rewards individual and team contribution through

appropriate rewards, recognition and compensation.

Builds a sense of ownership across the organization for adherence to risk

and compliance procedures amongst all employees and channel partners.


10


Service profile:

Broking in Equities and derivatives on NSE & BSE.

Depository Services.

Commodities Trading on MCX & NCDEX.

IPO Services.

Portfolio management services.

Distribution services.

Structured products with fixed returns.

Achievements and Awards:

Rated among the top 20 wired companies along with Reliance, HLL,

Infosys, etc by Business Today Jan 2004 edition.

Amongst the top 3 online trading websites from India most preferred

financial destination amongst online banking customers.

(Source: Net sense, an independent study of financial services in India)

Winner of “Best Financial Website Award. CHIP- Dishnet DSL Web

Awards.

India’s Most Preferred Broker award given to Sharekhan at the ‘Awaaz

Consumer Awards 2005’ in the “Stock Broking” category.


11


Area of Operation:

Growing network of share shops from Sharekhan.com to India’s largest chain of

branded retail share shops – 679 shops in 234 towns.

Competitors Information:

The major players in online trading other than Sharekhan are;

5paisa.com

Kotakstreet.com

IndiaBulls.com

ICICIdirect.com

HDFCsec.com

Motilal Oswal


12

679 branded share shops across 234

cities in India

India’s largest chain of branded retail share shops


INTRODUCTION TO CEMENT SECTOR

ABOUT TECHNICAL ANALYSIS……….


13


INTRODUCTION TO CEMENT SECTOR

India is today the second largest producer of cement in world with an installed

capacity of close to 155 million tonnes per year. 95 % is consumed domestically

and only 5% is exported. Demand is growing at more than 10 % per annum. More

than 90 % of production comes from large cement plants. There are a total of 130

large and more than 350 small cement manufacturing units in the country. More

than 80% of the cement-manufacturing units use modern environment friendly

“dry” process.

The forms of cement produced:

Ordinary Portland Cement

Portland Pozzolana Cement

Portland Slag Cement

Blended Cement

Major players in Indian cement sector:

Heidelberg

Lafarge

Italcementi

Holcim

Gujrat Ambuja Cement

ACC

Ultratech Cement

India Cements

Century Cements

Jaypee Group


14


Madras Cements

Dalima cements

India’s per capita cement production: 130 kg per annum. World average of per

capita cement production: More than 280 kg per annum.

Bottlenecks of Cement Industry:

A comparison of the energy efficiency of Indian cement industry with that

of other developed nations shows Indian companies are lagging.

Regional imbalances in cement production.

High transportation cost involved.

I have taken Three Cement Sector Companies which are as follows:

1. ACC

2. ULTRATECH.

3. GRASIM.


15


1. ACC:

ACC Limited is India’s foremost manufacturer of cement and ready mix concrete

with a countrywide network of factories and marketing offices.Established in

1936, ACC has been a pioneer and trend-setter in cement and concrete

technology. ACC’s brand name is synonymous with cement and enjoys a high

level of equity in the Indian market. It is the only cement company that figures in

the list of Consumer SuperBrands of India. Among the first companies in India to

include commitment to environment protection as a corporate objective, ACC has

won several prizes and accolades for environment friendly measures taken at its

plants and mines. The company has also been felicitated for its acts of good

corporate citizenship.

ACC was the first recipient of ASSOCHAM’s first ever National Award for

outstanding performance in promoting rural and agricultural development

activities in 1976. Decades later, PHD Chamber of Commerce and Industry

selected ACC as winner of its Good Corporate Citizen Award for the year 2002.

Over the years, there have been many awards and felicitations for achievements in

Rural and community development, Safety, Health, Tree plantation, afforestation,

Clean mining, Environment awareness and protection

Awards & Accolades :

IMC Ramkrishna Bajaj National Quality Award - – Gagal wins

Commendation Certificate and New Wadi Plant wins Special Award for

Performance Excellence in the Manufacturing Sector, 2007.

Indo German Greentech Environment Excellence Award


16


National Award for outstanding performance in promoting rural and

agricultural development – by ASSOCHAM

Sword of Honour - by British Safety Council, United Kingdom for

excellence in safety performance.

Indira Priyadarshini Vrikshamitra Award --- by The Ministry of

Environment and Forests for "extraordinary work" carried out in the area

of afforestation.

FICCI Award --- for innovative measures for control of pollution, waste

management & conservation of mineral resources in mines and plant.

Subh Karan Sarawagi Environment Award - by The Federation of Indian

Mineral Industries for environment protection measures.

Drona Trophy - By Indian Bureau Of Mines for extra ordinary efforts in

protection of Environment and mineral conservation in the large

mechanized mines sector.

Golden Peacock Environment Management Special Award - for

outstanding efforts in Environment Management in the large

manufacturing sector.

Indira Gandhi Memorial National Award - for excellent performance in

prevention of pollution and ecological development

Excellence in Management of Health, Safety and Environment :

Certificate of Merit by Indian Chemical Manufacturers Association


17


Vishwakarma Rashtriya Puraskar trophy for outstanding performance in

safety and mine working

Good Corporate Citizen Award - by PHD Chamber of Commerce and

Industry

2. ULTRATECH:

Ultratech Cement Limited, a Grasim subsidiary has an annual capacity of 17

million tonnes. It manufactures and markets Ordinary Portland Cement, Portland

Blast Furnace Slag Cement and Portland Pozzolana Cement.

UltraTech has five integrated plants, five grinding units and three terminals —

two in India and one in Sri Lanka. These include

an integrated plant and two grinding units of the

erstwhile Narmada Cement Company Limited, a

subsidiary, which has been amalgamated with the

company in May 2006. UltraTech is the country's

largest exporter of cement clinker. The company

exports over 2.5 million tonnes per annum, which is about 30 per cent of the

country's total exports. The export markets span countries around the Indian

Ocean, Africa, Europe and the Middle East.

The cement division of L&T was demerged in 2004 after Grasim made the 30 per

cent open offer for equity shares, gaining control over the new company,

christened UltraTech. Ready Mix Concrete is likely to see substantial growth in

the coming years. Recognizing the opportunities that this business will offer,

UltraTech has commenced setting up of Ready Mix Concrete plants at various


18


places in the country. UltraTech's subsidiaries are: Dakshin Cements Limited and

UltraTech Ceylinco (Private) Limited.

3. GRASIM:

Grasim Industries Limited, a flagship company of the Aditya Birla Group, ranks

among India's largest private sector companies, with consolidated net revenues of

Rs.141 billion and a consolidated net profit of Rs.20 billion (FY2007).

Starting as a textiles manufacturer in 1948, today Grasim's businesses comprise

viscose staple fibre (VSF), cement, sponge iron, chemicals and textiles. Its core

businesses are VSF and cement, which contribute to over 90 per cent of its venues

and operating profits.

The Aditya Birla Group is the world’s largest producer of VSF, commanding a 21

per cent global market share. Grasim, with an aggregate capacity of 270,100 tpa

has a global market share of 11 per cent. It is also the second largest producer of

caustic soda (which is used in the production of VSF) in India.

In cement (grey cement and white cement), Grasim along with its subsidiary

UltraTech Cement Ltd. has a capacity of 30 million tpa and is a leading cement

player in India. In July 2004, Grasim acquired a majority stake and management

control in UltraTech Cement Limited. One of the largest of its kind in the cement

sector, this acquisition catapulted the Aditya Birla Group to the top of the league

in India.


19


All of Grasim's units have earned ISO 9002 and 14001 certifications.

Product quality, innovation and eco-friendliness are a hallmark of all the

company's divisions.


20


ABOUT TECHNICAL ANALYSIS……….

Technical analysis is a financial markets technique that claims the ability to

forecast the future direction of security prices through the study of past market

data, primarily price and volume. In its purest form, technical analysis considers

only the actual price behavior of the market or instrument, on the assumption that

price reflects all relevant factors before an investor becomes aware of them

through other channels.

Technical analysts may employ models and trading rules based, for example, on

price transformations, such as the Relative Strength Index, moving averages,

regressions, inter-market and intra-market price correlations, cycles or,

classically, through recognition of chart patterns.

General description

Technical analysts (or technicians) seek to identify price patterns and trends in

financial markets and attempt to exploit those patterns. While technicians use

various methods and tools, the study of price charts is primary. Technicians

especially search for archetypal patterns, such as the well-known head and

shoulders reversal pattern, and also study such indicators as price, volume, and

moving averages of the price. Many technical analysts also follow indicators of

investor psychology.

Critics argue that these 'patterns' are simply random effects on which humans

impose causation. They state that human see patterns that aren't there and then

ascribe value to them.

Technical analysts also extensively use indicators, which are typically

mathematical transformations of price or volume. These indicators are used to


21


help determine whether an asset is trending, and if it is, its price direction.

Technicians also look for relationships between price, volume, and in the case of

futures, open interest. Examples include the relative strength index, and MACD.

Other avenues of study include correlations between changes in options [implied

volatility] and put/call ratios with price.

Technicians seek to forecast price movements such that large gains from

successful trades exceed more numerous but smaller losing trades, producing

positive returns in the long run through proper risk control and money

management.

Technical analysis is frequently contrasted with fundamental analysis, the study

of economic factors that some analysts say can influence prices in financial

markets. Pure technical analysis holds that prices already reflect all such

influences before investors are aware of them, hence the study of price action

alone. Some traders use technical or fundamental analysis exclusively, while

others use both types to make trading decisions.

Lack of evidence

Critics of technical analysis include well known fundamental analysts. For

example, Peter Lynch once commented, "Charts are great for predicting the past."

Warren Buffet has said, "I realized technical analysis didn't work when I turned

the charts upside down and didn't get a different answer" and "If past history was

all there was to the game, the richest people would be librarians”.

Most academic studies say technical analysis has little predictive power, but some

studies say it may produce excess returns. For example, measurable forms of

technical analysis, such as non-linear prediction using neural networks, have been

shown to occasionally produce statistically significant prediction results. A


22


Federal Reserve working paper regarding support and resistance levels in short-

term foreign exchange rates "offers strong evidence that the levels help to predict

intraday trend interruptions," although the "predictive power" of those levels was

"found to vary across the exchange rates and firms examined."

Efficient market hypothesis

The efficient market hypothesis (EMH) contradicts the basic tenets of technical

analysis, by stating that past prices cannot be used to profitably predict future

prices. Thus it holds that technical analysis cannot be effective. Economist

Eugene Fama published the seminal paper on the EMH in the Journal of Finance

in 1970, and said "In short, the evidence in support of the efficient markets model

is extensive, and contradictory evidence is sparse”. EMH advocates say that if

prices quickly reflect all relevant information, no method (including technical

analysis) can "beat the market." Developments which influence prices occur

randomly and are unknowable in advance.

Technicians say that EMH ignores the way markets work, in that many investors

base their expectations on past earnings or track record, for example. Because

future stock prices can be strongly influenced by investor expectations,

technicians claim it only follows that past prices influence future prices.

Random walk hypothesis

The random walk hypothesis may be derived from the weak-form efficient

markets hypothesis, which is based on the assumption that market participants

take full account of any information contained in past price movements. "The

problem is that once such regularity is known to market participants, people will

act in such a way that prevents it from happening in the future”.


23


History

The principles of technical analysis derive from the observation of financial

markets over hundreds of years. The oldest known example of technical analysis

was a method used by Japanese traders as early as the 18th century, which

evolved into the use of candlestick techniques, and is today a main charting tool.

Many more technical tools and theories have been developed and enhanced in

recent decades, with an increasing emphasis on computer-assisted techniques.

Principles of technical analysis

Technicians say that a market's price reflects all relevant information, so their

analysis looks more at "internals" than at "externals" such as news events. Price

action also tends to repeat itself because investors collectively tend toward

patterned behavior -- hence technicians' focus on identifiable trends and

conditions.

Market action discounts everything

On most of the sizable return days the information that the press cites as the cause

of the market move is not particularly important. Press reports on adjacent days

also fail to reveal any convincing accounts of why future profits or discount rates

might have changed. Our inability to identify the fundamental shocks that

accounted for these significant market moves is difficult to reconcile with the

view that such shocks account for most of the variation in stock returns.

Prices move in trends

Technical analysts believe that prices trend. Technicians say that markets trend

up, down, or sideways (flat). An example of a security that had an apparent trend

is AOL from November 2001 through August 2002. A technical analyst or trend


24


follower recognizing this trend would look for opportunities to sell this security.

AOL consistently moves downward in price. Each time the stock rose, sellers

would enter the market and sell the stock; hence the "zig-zag" movement in the

price. In other words, each time the stock edged lower, it fell below its previous

relative low price.

History tends to repeat itself

Technical analysts believe that investors collectively repeat the behavior of the

investors that preceded them. Technical analysis is not limited to charting, yet is

always concerned with price trends. For example, many technicians monitor

surveys of investor sentiment.. Technicians use these surveys to help determine

whether a trend will continue or if a reversal could develop; they are most likely

to anticipate a change when the surveys report extreme investor sentiment.

Rule-based trading

Rule-based trading is an approach to make one's trading plans by strict and clear-

cut rules. Unlike some other technical methods or most fundamental analysis, it

defines a set of rules that determines all trades, leaving minimal discretion. For

instance, a trader might make a set of rules stating that he will take a long position

whenever the price of a particular instrument closes above its 50-day moving

average, and shorting it whenever it drops below.

Combining Technical Analysis with other Market Forecast Methods

John Murphy in his book "Technical Analysis of the Financial Markets", says that

the principal sources of information available to technicians are price, volume and

open interest. Other data, such as indicators and sentiment analysis are considered

secondary. Technical analysis is also often combined with quantitative analysis


25


and economics. For example, neural networks may be used to help identify

intermarket relationships. A few market forecasters combine financial astrology

with technical analysis.

Charting terms and indicators

Widely-known technical analysis concepts include:

Breakout - when a price passes through and stays above an area of support

or resistance

Commodity Channel Index - identifies cyclical trends

Momentum - the rate of price change

Moving average - lags behind the price action

Relative Strength Index (RSI) - oscillator showing price strength

Resistance - an area that brings on increased selling


26



27


METHODOLOGY:

The data collected for the research purpose are secondary data. Closing prices of

scrips were collected through National Stock Exchange website. The data

employed in this study comprises of one year observations on the Cement Sector

companies’ Closing price. Daily data are preferred in this study. The choice of

daily closing price is realistic and helpful to calculate and testing the results in

technical analysis.

Statistical Tools Used:

1. Day Moving Average.

2. Relative strength index.

3. Rate of change method.

1. Day Moving Average:

Day Moving averages are one of the most popular and easy to use tools available

to the technical analyst. They smooth a data series and make it easier to spot

trends, something that is especially helpful in volatile markets. They also form the

building blocks for many other technical indicators and overlays.

The two most popular types of moving averages:

Daily Moving Average (SMA) and

Exponential moving Average (EMA).

In this study day moving average has taken.

For example: a 5-day simple moving average is calculated by adding the closing

prices for the last 5 days and dividing the total by 5.

10 + 11 + 12 + 13 + 14 = 60

60 / 5 = 12.


28


The calculation is repeated for each price bar on the chart. The averages are then

joined to form a smooth curving line - the moving average line. Continuing our

example, if the next closing price in the average is 15, then this new period would

be added and the oldest day, which is 10, would be dropped. The new 5-day

simple moving average would be calculated as follows:

11 + 12 + 13 + 14 + 15 =65

65 / 5 = 13

How are Moving Averages Used:

The primary purpose of moving averages is to "smooth" data so that trends are

more discernable. They are used to construct market indicators and to assist in

interpretation of price charts.

Moving average crossovers can also be used as signals to buy and sell. This is

normally done in two ways:

(1) By watching for price to cross whatever moving average you may be using, or

(2) Running two moving averages of the same price or index, one faster than the

other,

and buying or selling when the faster average crosses the slower.

The weakness of moving average buy and sell systems is that they will most

likely become unprofitable when the stock or index begins moving sideways in a

narrow trading range. Under these circumstances price never moves above or

below the average far enough to become profitable.


29


2. Relative strength index:

The Relative Strength Index (RSI) is an extremely useful and popular momentum

oscillator. The RSI compares the magnitude of a stock's recent gains to the

magnitude of its recent losses and turns that information into a number that ranges

from 0 to 100. It takes a single parameter, the number of time periods to use in the

calculation.

Calculation:

RSI = 100 – 100 / (1+RS)

Average gain = (Total gains / n)

Average loss = (Total loss / n)

Relative Strength = Average gain / Average loss

Relative Strength Index = 100 – 100 / (1+ RS)

N = number of RSI periods.

To simplify the formula, the RSI has been broken down into its basic components

which are the Average Gain, the Average Loss, the First RS, and the subsequent

Smoothed RS's.

For a 20 -period RSI, the Average Gain equals the sum total all gains divided by

20. Even if there are only 5 gains (losses), the total of those 5 gains (losses) is

divided by the total number of RSI periods in the calculation (7 in this case). The

Average Loss is computed in a similar manner. Calculation of the First RS value

is straightforward: divide the Average Gain by the Average Loss. All subsequent

RS calculations use the previous period's Average Gain and Average Loss for

smoothing purposes.


30


Rate of change method:

The Rate of Change (ROC) indicator is a very simple yet effective oscillator that

measures the percent change in price from one period to the next. The ROC

calculation compares the current price with the price n periods ago.

ROC = Today’s Close-Close n periods ago * 100

Close n periods ago

The plot forms an oscillator that fluctuates above and below the zero line as the

Rate of Change moves from positive to negative. The oscillator can be used as

any other momentum oscillator by looking for higher lows, lower highs, positive

and negative divergences, and crosses above and below zero for signals.

ROC can be plotted using different periods such as 10 days or 30 days by

changing the value. The longer the time span used, the greater the fluctuation in

the indicator (in terms of both magnitude and duration).


31


CALCULATIONS:

1. ACC:

Moving Average:

Date Close Price 10 Days 20 Days

2-Apr-07 704.45

3-Apr-07 704.30

4-Apr-07 714.35

5-Apr-07 721.80

9-Apr-07 741.65

10-Apr-07 747.30

11-Apr-07 732.45

12-Apr-07 726.35

13-Apr-07 748.30

16-Apr-07 785.30 732.63

17-Apr-07 808.70 743.05

18-Apr-07 816.30 754.25

19-Apr-07 788.75 761.69

20-Apr-07 791.95 768.71

23-Apr-07 796.05 774.15

24-Apr-07 816.95 781.11

25-Apr-07 833.05 791.17

26-Apr-07 830.85 801.62

27-Apr-07 822.45 809.04

30-Apr-07 839.20 814.43 773.53

3-May-07 852.35 818.79 780.92

4-May-07 859.50 823.11 788.68

7-May-07 862.25 830.46 796.08

8-May-07 886.05 839.87 804.29

9-May-07 874.50 847.72 810.93

10-May-07 874.90 853.51 817.31

11-May-07 850.55 855.26 823.22

14-May-07 869.35 859.11 830.37

15-May-07 875.80 864.45 836.74

16-May-07 872.15 867.74 841.08

17-May-07 888.45 871.35 845.07

18-May-07 876.45 873.05 848.08

21-May-07 873.05 874.13 852.29

22-May-07 890.55 874.58 857.22

23-May-07 883.75 875.50 861.61

24-May-07 860.90 874.10 863.81

25-May-07 858.05 874.85 865.06


32


28-May-07 871.50 875.07 867.09

29-May-07 870.20 874.51 869.48

30-May-07 860.35 873.33 870.53

31-May-07 850.85 869.57 870.46

1-Jun-07 852.35 867.16 870.10

4-Jun-07 837.55 863.61 868.87

5-Jun-07 836.15 858.17 866.376-Jun-07 822.05 852.00 863.75

7-Jun-07 804.40 846.35 860.22

8-Jun-07 767.15 837.26 856.05

11-Jun-07 763.30 826.44 850.7512-Jun-07 805.85 820.00 847.25

13-Jun-07 799.00 813.87 843.6014-Jun-07 825.35 811.32 840.44

15-Jun-07 822.60 808.34 837.7518-Jun-07 824.85 807.07 835.3419-Jun-07 844.80 807.94 833.0520-Jun-07 849.80 810.71 831.35

21-Jun-07 854.65 815.74 831.04

22-Jun-07 852.25 824.25 830.7525-Jun-07 860.65 833.98 830.2126-Jun-07 846.65 838.06 829.03

27-Jun-07 830.35 841.20 827.5328-Jun-07 899.00 848.56 829.94

29-Jun-07 934.95 859.80 834.07

2-Jul-07 939.85 871.30 839.18

3-Jul-07 940.35 880.85 844.39

4-Jul-07 1,022.15 898.09 854.40

5-Jul-07 1,028.20 915.44 865.59

6-Jul-07 1,040.90 934.31 879.289-Jul-07 1,047.90 953.03 893.51

10-Jul-07 1,035.75 971.94 905.0011-Jul-07 1,071.50 996.06 918.63

12-Jul-07 1,075.40 1,013.70 931.13

13-Jul-07 1,103.65 1,030.57 945.1816-Jul-07 1,121.40 1,048.72 960.0117-Jul-07 1,108.70 1,065.56 973.2018-Jul-07 1,131.30 1,076.47 987.2819-Jul-07 1,147.10 1,088.36 1,001.9020-Jul-07 1,108.90 1,095.16 1,014.73

23-Jul-07 1,134.60 1,103.83 1,028.43

24-Jul-07 1,116.30 1,111.89 1,041.91

25-Jul-07 1,065.60 1,111.30 1,053.68

26-Jul-07 1,025.50 1,106.31 1,060.00

27-Jul-07 1,000.30 1,095.97 1,063.27

30-Jul-07 1,027.65 1,086.60 1,067.66

31-Jul-07 1,063.85 1,082.11 1,073.83

1-Aug-07 967.10 1,065.69 1,071.08

2-Aug-07 979.85 1,048.97 1,068.66

3-Aug-07 1,004.35 1,038.51 1,066.84


33


6-Aug-07 979.50 1,023.00 1,063.42

7-Aug-07 987.75 1,010.15 1,061.02

8-Aug-07 1,025.25 1,006.11 1,058.70

9-Aug-07 1,000.65 1,003.63 1,054.97

10-Aug-07 1,002.35 1,003.83 1,049.90

13-Aug-07 1,011.20 1,002.19 1,044.39

14-Aug-07 989.90 994.79 1,038.45

16-Aug-07 978.85 995.97 1,030.83

17-Aug-07 950.70 993.05 1,021.01

20-Aug-07 963.55 988.97 1,013.74

21-Aug-07 936.10 984.63 1,003.82

22-Aug-07 951.55 981.01 995.58

23-Aug-07 972.40 975.73 990.92

24-Aug-07 1,010.35 976.70 990.16

27-Aug-07 1,036.45 980.11 991.97

28-Aug-07 1,028.00 981.79 991.99

29-Aug-07 1,040.65 986.86 990.83

30-Aug-07 1,071.70 996.15 996.06

31-Aug-07 1,067.45 1,007.82 1,000.44

3-Sep-07 1,071.30 1,018.60 1,003.78

4-Sep-07 1,098.15 1,034.80 1,009.72

5-Sep-07 1,088.25 1,048.47 1,014.74

6-Sep-07 1,102.35 1,061.47 1,018.60

7-Sep-07 1,088.95 1,069.33 1,023.01

10-Sep-07 1,093.80 1,075.06 1,027.58

11-Sep-07 1,105.10 1,082.77 1,032.28

12-Sep-07 1,101.80 1,088.89 1,037.87

13-Sep-07 1,128.95 1,094.61 1,045.38

14-Sep-07 1,107.15 1,098.58 1,053.20

17-Sep-07 1,111.35 1,102.59 1,060.59

18-Sep-07 1,121.45 1,104.92 1,069.86

19-Sep-07 1,155.40 1,111.63 1,080.05

20-Sep-07 1,140.80 1,115.48 1,088.47

21-Sep-07 1,133.40 1,119.92 1,094.62

24-Sep-07 1,136.90 1,124.23 1,099.65

25-Sep-07 1,150.55 1,128.78 1,105.77

26-Sep-07 1,159.45 1,134.54 1,111.71

27-Sep-07 1,188.60 1,140.51 1,117.56

28-Sep-07 1,197.10 1,149.50 1,124.04

1-Oct-07 1,210.20 1,159.39 1,130.99

3-Oct-07 1,228.55 1,170.10 1,137.51

4-Oct-07 1,217.35 1,176.29 1,143.96

5-Oct-07 1,177.95 1,180.01 1,147.74

8-Oct-07 1,115.15 1,178.18 1,149.05

9-Oct-07 1,176.25 1,182.12 1,153.17

10-Oct-07 1,218.85 1,188.95 1,158.86


34


11-Oct-07 1,259.80 1,198.98 1,166.76

12-Oct-07 1,251.10 1,205.23 1,172.87

15-Oct-07 1,289.80 1,214.50 1,182.00

16-Oct-07 1,273.25 1,220.81 1,190.10

17-Oct-07 1,203.00 1,218.25 1,194.17

18-Oct-07 1,038.25 1,200.34 1,188.32

19-Oct-07 991.50 1,181.70 1,180.85

22-Oct-07 1,015.85 1,171.77 1,174.97

23-Oct-07 1,066.70 1,160.81 1,171.46

24-Oct-07 1,078.05 1,146.73 1,167.84

25-Oct-07 1,056.80 1,126.43 1,162.71

26-Oct-07 1,079.85 1,109.31 1,157.27

29-Oct-07 1,086.80 1,089.01 1,151.75

30-Oct-07 1,069.45 1,068.63 1,144.72

31-Oct-07 1,077.30 1,056.06 1,137.15

1-Nov-07 1,052.95 1,057.53 1,128.93

2-Nov-07 1,032.75 1,061.65 1,121.67

5-Nov-07 1,009.75 1,061.04 1,116.40

6-Nov-07 1,021.20 1,056.49 1,108.65

7-Nov-07 1,024.55 1,051.14 1,098.94

8-Nov-07 1,057.85 1,051.25 1,088.84

9-Nov-07 1,034.25 1,046.69 1,078.00

12-Nov-07 1,019.45 1,039.95 1,064.48

13-Nov-07 1,030.00 1,036.01 1,052.32

14-Nov-07 1,045.20 1,032.80 1,044.43

15-Nov-07 1,046.10 1,032.11 1,044.82

16-Nov-07 1,039.20 1,032.76 1,047.20

19-Nov-07 1,084.35 1,040.22 1,050.63

20-Nov-07 1,085.70 1,046.67 1,051.58

21-Nov-07 1,080.55 1,052.27 1,051.70

22-Nov-07 1,104.40 1,056.92 1,054.08

23-Nov-07 1,113.55 1,064.85 1,055.77

26-Nov-07 1,128.55 1,075.76 1,057.86

27-Nov-07 1,112.05 1,083.97 1,059.99

28-Nov-07 1,077.75 1,087.22 1,060.01

29-Nov-07 1,063.90 1,089.00 1,060.56

30-Nov-07 1,090.40 1,094.12 1,063.44

3-Dec-07 1,092.30 1,094.92 1,067.57

4-Dec-07 1,086.75 1,095.02 1,070.84

5-Dec-07 1,093.40 1,096.31 1,074.29

6-Dec-07 1,080.40 1,093.91 1,075.41

7-Dec-07 1,064.70 1,089.02 1,076.94

10-Dec-07 1,064.20 1,082.59 1,079.17

11-Dec-07 1,075.15 1,078.90 1,081.43

12-Dec-07 1,073.70 1,078.49 1,082.86

13-Dec-07 1,063.85 1,078.49 1,083.74


35


14-Dec-07 1,103.10 1,079.76 1,086.94

17-Dec-07 1,068.15 1,077.34 1,086.13

18-Dec-07 1,066.80 1,075.35 1,085.18

19-Dec-07 1,030.90 1,069.10 1,082.70

20-Dec-07 999.75 1,061.03 1,077.47

24-Dec-07 1,001.75 1,054.74 1,071.88

26-Dec-07 1,005.50 1,048.87 1,065.73

27-Dec-07 1,003.80 1,041.73 1,060.31

28-Dec-07 1,010.55 1,035.42 1,056.95

31-Dec-07 1,024.80 1,031.51 1,055.00

1-Jan-08 1,028.35 1,024.04 1,051.90

2-Jan-08 1,023.05 1,019.53 1,048.43

3-Jan-08 1,006.95 1,013.54 1,044.44

4-Jan-08 999.65 1,010.42 1,039.76

7-Jan-08 1,001.85 1,010.63 1,035.83

8-Jan-08 985.30 1,008.98 1,031.86

9-Jan-08 970.00 1,005.43 1,027.15

10-Jan-08 938.85 998.94 1,020.33

11-Jan-08 898.70 987.75 1,011.58

14-Jan-08 876.55 972.93 1,002.22

15-Jan-08 869.50 957.04 990.54

16-Jan-08 857.25 940.46 979.99

17-Jan-08 859.95 925.76 969.65

18-Jan-08 865.25 912.32 961.37

21-Jan-08 736.90 885.83 948.23

22-Jan-08 718.95 859.19 934.09

23-Jan-08 750.50 837.24 921.34

24-Jan-08 754.00 818.76 908.85

25-Jan-08 782.50 807.14 897.44

28-Jan-08 798.25 799.31 886.12

29-Jan-08 793.00 791.66 874.35

30-Jan-08 799.10 785.84 863.15

31-Jan-08 768.10 776.66 851.21

1-Feb-08 755.90 765.72 839.024-Feb-08 767.25 768.76 827.295-Feb-08 768.70 773.73 816.466-Feb-08 764.90 775.17 806.217-Feb-08 772.65 777.04 797.908-Feb-08 779.95 776.78 791.96

11-Feb-08 737.95 770.75 785.0312-Feb-08 718.50 763.30 777.48

13-Feb-08 739.40 757.33 771.59

14-Feb-08 753.20 755.84 766.2515-Feb-08 758.95 756.15 760.93

18-Feb-08 756.65 755.09 761.92

19-Feb-08 789.90 757.21 765.4720-Feb-08 767.50 757.47 766.32

21-Feb-08 780.90 758.29 767.66


36


22-Feb-08 774.15 757.71 767.25

25-Feb-08 818.45 765.76 768.2626-Feb-08 831.25 777.04 770.1727-Feb-08 817.65 784.86 771.1028-Feb-08 808.65 790.41 773.12

29-Feb-08 795.95 794.11 775.13

3-Mar-08 788.75 797.32 776.204-Mar-08 746.70 793.00 775.10

5-Mar-08 741.25 790.37 773.92

7-Mar-08 734.85 785.77 772.0310-Mar-08 767.55 785.11 771.41

11-Mar-08 813.25 784.59 775.17

12-Mar-08 807.30 782.19 779.6113-Mar-08 779.10 778.34 781.60

14-Mar-08 798.90 777.36 783.88

17-Mar-08 770.40 774.81 784.46

18-Mar-08 759.65 771.90 784.6119-Mar-08 777.25 774.95 783.97

24-Mar-08 804.65 781.29 785.8325-Mar-08 817.40 789.55 787.66

26-Mar-08 817.45 794.54 789.82

27-Mar-08 823.15 795.53 790.06

28-Mar-08 838.55 798.65 790.42

31-Mar-08 826.15 803.36 790.85


37


Rate of Change:

Date Close Price ROC 2nd ROC 1st2-Apr-07 704.45 3-Apr-07 704.30 4-Apr-07 714.35 5-Apr-07 721.80 9-Apr-07 741.65

10-Apr-07 747.30 100.0011-Apr-07 732.45 12-Apr-07 726.35 13-Apr-07 748.30 16-Apr-07 785.30 17-Apr-07 808.70 18-Apr-07 816.30 19-Apr-07 788.75 20-Apr-07 791.95 23-Apr-07 796.05 24-Apr-07 816.95 25-Apr-07 833.05 26-Apr-07 830.85 27-Apr-07 822.45 30-Apr-07 839.20 19.13 119.133-May-07 852.35 21.02 121.024-May-07 859.50 20.32 120.327-May-07 862.25 19.46 119.468-May-07 886.05 19.47 119.479-May-07 874.50 17.02 117.02

10-May-07 874.90 19.45 119.4511-May-07 850.55 17.10 117.1014-May-07 869.35 16.18 116.1815-May-07 875.80 11.52 111.5216-May-07 872.15 7.85 107.8517-May-07 888.45 8.84 108.8418-May-07 876.45 11.12 111.1221-May-07 873.05 10.24 110.2422-May-07 890.55 11.87 111.8723-May-07 883.75 8.18 108.1824-May-07 860.90 3.34 103.3425-May-07 858.05 3.27 103.2728-May-07 871.50 5.96 105.9629-May-07 870.20 3.69 103.6930-May-07 860.35 0.94 100.9431-May-07 850.85 -1.01 98.99

1-Jun-07 852.35 -1.15 98.854-Jun-07 837.55 -5.47 94.535-Jun-07 836.15 -4.39 95.616-Jun-07 822.05 -6.04 93.967-Jun-07 804.40 -5.43 94.578-Jun-07 767.15 -11.76 88.24

11-Jun-07 763.30 -12.85 87.1512-Jun-07 805.85 -7.60 92.4013-Jun-07 799.00 -10.07 89.9314-Jun-07 825.35 -5.83 94.17


38


15-Jun-07 822.60 -5.78 94.2218-Jun-07 824.85 -7.38 92.6219-Jun-07 844.80 -4.41 95.5920-Jun-07 849.80 -1.29 98.7121-Jun-07 854.65 -0.40 99.6022-Jun-07 852.25 -2.21 97.7925-Jun-07 860.65 -1.10 98.9026-Jun-07 846.65 -1.59 98.4127-Jun-07 830.35 -2.41 97.5928-Jun-07 899.00 5.47 105.4729-Jun-07 934.95 11.63 111.63

2-Jul-07 939.85 12.40 112.403-Jul-07 940.35 14.39 114.394-Jul-07 1,022.15 27.07 127.075-Jul-07 1,028.20 34.03 134.036-Jul-07 1,040.90 36.37 136.379-Jul-07 1,047.90 30.04 130.04

10-Jul-07 1,035.75 29.63 129.6311-Jul-07 1,071.50 29.82 129.8212-Jul-07 1,075.40 30.73 130.7313-Jul-07 1,103.65 33.80 133.8016-Jul-07 1,121.40 32.74 132.7417-Jul-07 1,108.70 30.47 130.4718-Jul-07 1,131.30 32.37 132.3719-Jul-07 1,147.10 34.60 134.6020-Jul-07 1,108.90 28.84 128.8423-Jul-07 1,134.60 34.01 134.0124-Jul-07 1,116.30 34.44 134.4425-Jul-07 1,065.60 18.53 118.5326-Jul-07 1,025.50 9.69 109.6927-Jul-07 1,000.30 6.43 106.4330-Jul-07 1,027.65 9.28 109.2831-Jul-07 1,063.85 4.08 104.081-Aug-07 967.10 -5.94 94.062-Aug-07 979.85 -5.87 94.133-Aug-07 1,004.35 -4.16 95.846-Aug-07 979.50 -5.43 94.577-Aug-07 987.75 -7.82 92.188-Aug-07 1,025.25 -4.66 95.349-Aug-07 1,000.65 -9.33 90.67

10-Aug-07 1,002.35 -10.62 89.3813-Aug-07 1,011.20 -8.79 91.2114-Aug-07 989.90 -12.50 87.5016-Aug-07 978.85 -14.67 85.3317-Aug-07 950.70 -14.27 85.7320-Aug-07 963.55 -15.08 84.9221-Aug-07 936.10 -16.14 83.8622-Aug-07 951.55 -10.70 89.3023-Aug-07 972.40 -5.18 94.8224-Aug-07 1,010.35 1.00 101.0027-Aug-07 1,036.45 0.86 100.8628-Aug-07 1,028.00 -3.37 96.6329-Aug-07 1,040.65 7.61 107.6130-Aug-07 1,071.70 9.37 109.3731-Aug-07 1,067.45 6.28 106.28

3-Sep-07 1,071.30 9.37 109.37


39


4-Sep-07 1,098.15 11.18 111.185-Sep-07 1,088.25 6.14 106.146-Sep-07 1,102.35 10.16 110.167-Sep-07 1,088.95 8.64 108.64

10-Sep-07 1,093.80 8.17 108.1711-Sep-07 1,105.10 11.64 111.6412-Sep-07 1,101.80 12.56 112.5613-Sep-07 1,128.95 18.75 118.7514-Sep-07 1,107.15 14.90 114.9017-Sep-07 1,111.35 18.72 118.7218-Sep-07 1,121.45 17.86 117.8619-Sep-07 1,155.40 18.82 118.8220-Sep-07 1,140.80 12.91 112.9121-Sep-07 1,133.40 9.35 109.3524-Sep-07 1,136.90 10.59 110.5925-Sep-07 1,150.55 10.56 110.5626-Sep-07 1,159.45 8.19 108.1927-Sep-07 1,188.60 11.35 111.3528-Sep-07 1,197.10 11.74 111.74

1-Oct-07 1,210.20 10.20 110.203-Oct-07 1,228.55 12.89 112.894-Oct-07 1,217.35 10.43 110.435-Oct-07 1,177.95 8.17 108.178-Oct-07 1,115.15 1.95 101.959-Oct-07 1,176.25 6.44 106.44

10-Oct-07 1,218.85 10.62 110.6211-Oct-07 1,259.80 11.59 111.5912-Oct-07 1,251.10 13.00 113.0015-Oct-07 1,289.80 16.06 116.0616-Oct-07 1,273.25 13.54 113.5417-Oct-07 1,203.00 4.12 104.1218-Oct-07 1,038.25 -8.99 91.0119-Oct-07 991.50 -12.52 87.4822-Oct-07 1,015.85 -10.65 89.3523-Oct-07 1,066.70 -7.29 92.7124-Oct-07 1,078.05 -7.02 92.9825-Oct-07 1,056.80 -11.09 88.9126-Oct-07 1,079.85 -9.79 90.2129-Oct-07 1,086.80 -10.20 89.8030-Oct-07 1,069.45 -12.95 87.0531-Oct-07 1,077.30 -11.50 88.501-Nov-07 1,052.95 -10.61 89.392-Nov-07 1,032.75 -7.39 92.615-Nov-07 1,009.75 -14.16 85.846-Nov-07 1,021.20 -16.22 83.787-Nov-07 1,024.55 -18.67 81.338-Nov-07 1,057.85 -15.45 84.559-Nov-07 1,034.25 -19.81 80.19

12-Nov-07 1,019.45 -19.93 80.0713-Nov-07 1,030.00 -14.38 85.6214-Nov-07 1,045.20 0.67 100.6715-Nov-07 1,046.10 5.51 105.5116-Nov-07 1,039.20 2.30 102.3019-Nov-07 1,084.35 1.65 101.6520-Nov-07 1,085.70 0.71 100.7121-Nov-07 1,080.55 2.25 102.25


40


22-Nov-07 1,104.40 2.27 102.2723-Nov-07 1,113.55 2.46 102.4626-Nov-07 1,128.55 5.53 105.5327-Nov-07 1,112.05 3.23 103.2328-Nov-07 1,077.75 2.36 102.3629-Nov-07 1,063.90 3.02 103.0230-Nov-07 1,090.40 7.99 107.99

3-Dec-07 1,092.30 6.96 106.964-Dec-07 1,086.75 6.07 106.075-Dec-07 1,093.40 3.36 103.366-Dec-07 1,080.40 4.46 104.467-Dec-07 1,064.70 4.44 104.44

10-Dec-07 1,064.20 3.32 103.3211-Dec-07 1,075.15 2.87 102.8712-Dec-07 1,073.70 2.64 102.6413-Dec-07 1,063.85 2.37 102.3714-Dec-07 1,103.10 1.73 101.7317-Dec-07 1,068.15 -1.62 98.3818-Dec-07 1,066.80 -1.27 98.7319-Dec-07 1,030.90 -6.66 93.3420-Dec-07 999.75 -10.22 89.7824-Dec-07 1,001.75 -11.24 88.7626-Dec-07 1,005.50 -9.58 90.4227-Dec-07 1,003.80 -6.86 93.1428-Dec-07 1,010.55 -5.01 94.9931-Dec-07 1,024.80 -6.02 93.98

1-Jan-08 1,028.35 -5.85 94.152-Jan-08 1,023.05 -5.86 94.143-Jan-08 1,006.95 -7.91 92.094-Jan-08 999.65 -7.47 92.537-Jan-08 1,001.85 -5.90 94.108-Jan-08 985.30 -7.41 92.599-Jan-08 970.00 -9.78 90.22

10-Jan-08 938.85 -12.56 87.4411-Jan-08 898.70 -15.52 84.4814-Jan-08 876.55 -20.54 79.4615-Jan-08 869.50 -18.60 81.4016-Jan-08 857.25 -19.64 80.3617-Jan-08 859.95 -16.58 83.4218-Jan-08 865.25 -13.45 86.5521-Jan-08 736.90 -26.44 73.5622-Jan-08 718.95 -28.50 71.5023-Jan-08 750.50 -25.23 74.7724-Jan-08 754.00 -25.39 74.6125-Jan-08 782.50 -23.64 76.3628-Jan-08 798.25 -22.38 77.6229-Jan-08 793.00 -22.49 77.5130-Jan-08 799.10 -20.64 79.3631-Jan-08 768.10 -23.16 76.841-Feb-08 755.90 -24.55 75.454-Feb-08 767.25 -22.13 77.875-Feb-08 768.70 -20.75 79.256-Feb-08 764.90 -18.53 81.477-Feb-08 772.65 -14.03 85.978-Feb-08 779.95 -11.02 88.98

11-Feb-08 737.95 -15.13 84.8712-Feb-08 718.50 -16.19 83.81


41


13-Feb-08 739.40 -14.02 85.9814-Feb-08 753.20 -12.95 87.0515-Feb-08 758.95 2.99 102.9918-Feb-08 756.65 5.24 105.2419-Feb-08 789.90 5.25 105.2520-Feb-08 767.50 1.79 101.7921-Feb-08 780.90 -0.20 99.8022-Feb-08 774.15 -3.02 96.9825-Feb-08 818.45 3.21 103.2126-Feb-08 831.25 4.02 104.0227-Feb-08 817.65 6.45 106.4528-Feb-08 808.65 6.98 106.9829-Feb-08 795.95 3.74 103.743-Mar-08 788.75 2.61 102.614-Mar-08 746.70 -2.38 97.625-Mar-08 741.25 -4.06 95.947-Mar-08 734.85 -5.78 94.22

10-Mar-08 767.55 4.01 104.0111-Mar-08 813.25 13.19 113.1912-Mar-08 807.30 9.18 109.1813-Mar-08 779.10 3.44 103.4414-Mar-08 798.90 5.26 105.2617-Mar-08 770.40 1.82 101.8218-Mar-08 759.65 -3.83 96.1719-Mar-08 777.25 1.27 101.2724-Mar-08 804.65 3.04 103.0425-Mar-08 817.40 5.59 105.5926-Mar-08 817.45 -0.12 99.8827-Mar-08 823.15 -0.97 99.0328-Mar-08 838.55 2.56 102.5631-Mar-08 826.15 2.16 102.16


42


Relative Strength Index:

Date Close Price change gain loss avg. gain avg. loss RS RSI

2-Apr-07 704.45

3-Apr-07 704.30 -0.15 0.15

4-Apr-07 714.35 10.05 10.05 100.00

5-Apr-07 721.80 7.45 7.45

9-Apr-07 741.65 19.85 19.85

10-Apr-07 747.30 5.65 5.65

11-Apr-07 732.45 -14.85 14.85 10.75 7.50 1.43 58.90

12-Apr-07 726.35 -6.10 6.10 10.75 7.03 1.53 60.45

13-Apr-07 748.30 21.95 21.95 12.99 10.48 1.24 55.36

16-Apr-07 785.30 37.00 37.00 18.38 10.48 1.75 63.70

17-Apr-07 808.70 23.40 23.40 21.57 10.48 2.06 67.31

18-Apr-07 816.30 7.60 7.60 19.12 10.48 1.83 64.61

19-Apr-07 788.75 -27.55 27.55 22.49 16.17 1.39 58.18

20-Apr-07 791.95 3.20 3.20 18.63 16.83 1.11 52.55

23-Apr-07 796.05 4.10 4.10 16.21 27.55 0.59 37.04

24-Apr-07 816.95 20.90 20.90 16.03 27.55 0.58 36.79

25-Apr-07 833.05 16.10 16.10 12.55 27.55 0.46 31.30

26-Apr-07 830.85 -2.20 2.20 10.38 14.87 0.70 41.10

27-Apr-07 822.45 -8.40 8.40 11.08 12.72 0.87 46.55

30-Apr-07 839.20 16.75 16.75 12.21 5.30 2.30 69.73

3-May-07 852.35 13.15 13.15 14.20 5.30 2.68 72.82

4-May-07 859.50 7.15 7.15 14.81 5.30 2.79 73.64

7-May-07 862.25 2.75 2.75 11.18 5.30 2.11 67.84

8-May-07 886.05 23.80 23.80 12.72 5.30 2.40 70.59

9-May-07 874.50 -11.55 11.55 12.72 9.97 1.28 56.05

10-May-07 874.90 0.40 0.40 10.67 11.55 0.92 48.01

11-May-07 850.55 -24.35 24.35 9.45 17.95 0.53 34.49

14-May-07 869.35 18.80 18.80 10.58 17.95 0.59 37.08

15-May-07 875.80 6.45 6.45 10.44 17.95 0.58 36.77

16-May-07 872.15 -3.65 3.65 12.36 13.18 0.94 48.39

17-May-07 888.45 16.30 16.30 10.49 13.18 0.80 44.31

18-May-07 876.45 -12.00 12.00 10.49 13.33 0.79 44.03

21-May-07 873.05 -3.40 3.40 13.85 10.85 1.28 56.07

22-May-07 890.55 17.50 17.50 14.76 6.35 2.32 69.92

23-May-07 883.75 -6.80 6.80 13.42 6.46 2.08 67.49

24-May-07 860.90 -22.85 22.85 16.90 9.74 1.74 63.44

25-May-07 858.05 -2.85 2.85 16.90 9.58 1.76 63.82

28-May-07 871.50 13.45 13.45 15.48 9.58 1.62 61.76

29-May-07 870.20 -1.30 1.30 15.48 7.44 2.08 67.53

30-May-07 860.35 -9.85 9.85 15.48 8.73 1.77 63.93

31-May-07 850.85 -9.50 9.50 13.45 8.86 1.52 60.29

1-Jun-07 852.35 1.50 1.50 7.48 9.27 0.81 44.64

4-Jun-07 837.55 -14.80 14.80 7.48 7.66 0.98 49.39

5-Jun-07 836.15 -1.40 1.40 7.48 7.37 1.01 50.35

6-Jun-07 822.05 -14.10 14.10 1.50 8.49 0.18 15.01

7-Jun-07 804.40 -17.65 17.65 1.50 11.22 0.13 11.80

8-Jun-07 767.15 -37.25 37.25 1.50 15.78 0.10 8.68

11-Jun-07 763.30 -3.85 3.85 1.50 14.84 0.10 9.18

12-Jun-07 805.85 42.55 42.55 42.55 14.84 2.87 74.14


43


13-Jun-07 799.00 -6.85 6.85 42.55 13.52 3.15 75.89

14-Jun-07 825.35 26.35 26.35 34.45 15.94 2.16 68.37

15-Jun-07 822.60 -2.75 2.75 34.45 13.67 2.52 71.59

18-Jun-07 824.85 2.25 2.25 23.72 12.68 1.87 65.17

19-Jun-07 844.80 19.95 19.95 22.78 4.48 5.08 83.55

20-Jun-07 849.80 5.00 5.00 19.22 4.80 4.00 80.02

21-Jun-07 854.65 4.85 4.85 11.68 4.80 2.43 70.87

22-Jun-07 852.25 -2.40 2.40 11.68 2.57 4.54 81.94

25-Jun-07 860.65 8.40 8.40 8.09 2.57 3.14 75.86

26-Jun-07 846.65 -14.00 14.00 8.09 8.20 0.99 49.66

27-Jun-07 830.35 -16.30 16.30 9.55 10.90 0.88 46.70

28-Jun-07 899.00 68.65 68.65 21.73 10.90 1.99 66.59

29-Jun-07 934.95 35.95 35.95 29.46 10.90 2.70 72.99

2-Jul-07 939.85 4.90 4.90 29.48 10.90 2.70 73.00

3-Jul-07 940.35 0.50 0.50 23.68 15.15 1.56 60.98

4-Jul-07 1,022.15 81.80 81.80 38.36 15.15 2.53 71.69

5-Jul-07 1,028.20 6.05 6.05 32.98 16.30 2.02 66.92

6-Jul-07 1,040.90 12.70 12.70 30.08 0.00 #DIV/0! 0.00

9-Jul-07 1,047.90 7.00 7.00 21.27 0.00 #DIV/0! 0.00

10-Jul-07 1,035.75 -12.15 12.15 18.83 12.15 1.55 60.77

11-Jul-07 1,071.50 35.75 35.75 23.97 12.15 1.97 66.36

12-Jul-07 1,075.40 3.90 3.90 24.53 12.15 2.02 66.88

13-Jul-07 1,103.65 28.25 28.25 15.61 12.15 1.28 56.23

16-Jul-07 1,121.40 17.75 17.75 17.56 12.15 1.45 59.10

17-Jul-07 1,108.70 -12.70 12.70 23.16 12.43 1.86 65.09

18-Jul-07 1,131.30 22.60 22.60 21.65 12.43 1.74 63.54

19-Jul-07 1,147.10 15.80 15.80 20.68 12.70 1.63 61.95

20-Jul-07 1,108.90 -38.20 38.20 17.66 25.45 0.69 40.96

23-Jul-07 1,134.60 25.70 25.70 22.02 25.45 0.87 46.39

24-Jul-07 1,116.30 -18.30 18.30 20.46 23.07 0.89 47.01

25-Jul-07 1,065.60 -50.70 50.70 21.37 29.98 0.71 41.62

26-Jul-07 1,025.50 -40.10 40.10 21.37 36.82 0.58 36.72

27-Jul-07 1,000.30 -25.20 25.20 20.75 34.50 0.60 37.56

30-Jul-07 1,027.65 27.35 27.35 26.53 34.50 0.77 43.47

31-Jul-07 1,063.85 36.20 36.20 29.75 33.58 0.89 46.98

1-Aug-07 967.10 -96.75 96.75 31.78 46.21 0.69 40.75

2-Aug-07 979.85 12.75 12.75 25.43 53.19 0.48 32.35

3-Aug-07 1,004.35 24.50 24.50 25.20 54.02 0.47 31.81

6-Aug-07 979.50 -24.85 24.85 25.20 48.93 0.51 33.99

7-Aug-07 987.75 8.25 8.25 21.81 60.80 0.36 26.40

8-Aug-07 1,025.25 37.50 37.50 23.84 60.80 0.39 28.17

9-Aug-07 1,000.65 -24.60 24.60 20.75 48.73 0.43 29.86

10-Aug-07 1,002.35 1.70 1.70 16.94 24.73 0.69 40.66

13-Aug-07 1,011.20 8.85 8.85 16.16 24.73 0.65 39.53

14-Aug-07 989.90 -21.30 21.30 14.08 23.58 0.60 37.38

16-Aug-07 978.85 -11.05 11.05 14.08 18.98 0.74 42.58

17-Aug-07 950.70 -28.15 28.15 16.02 21.28 0.75 42.95

20-Aug-07 963.55 12.85 12.85 7.80 21.28 0.37 26.83

21-Aug-07 936.10 -27.45 27.45 7.80 21.99 0.35 26.19

22-Aug-07 951.55 15.45 15.45 12.38 21.99 0.56 36.03

23-Aug-07 972.40 20.85 20.85 16.38 21.99 0.75 42.70

24-Aug-07 1,010.35 37.95 37.95 21.78 22.22 0.98 49.50

27-Aug-07 1,036.45 26.10 26.10 22.64 27.80 0.81 44.89


44


28-Aug-07 1,028.00 -8.45 8.45 22.64 17.95 1.26 55.78

29-Aug-07 1,040.65 12.65 12.65 22.60 17.95 1.26 55.73

30-Aug-07 1,071.70 31.05 31.05 24.01 8.45 2.84 73.97

31-Aug-07 1,067.45 -4.25 4.25 25.72 6.35 4.05 80.20

3-Sep-07 1,071.30 3.85 3.85 22.32 6.35 3.51 77.85

4-Sep-07 1,098.15 26.85 26.85 20.10 6.35 3.17 75.99

5-Sep-07 1,088.25 -9.90 9.90 18.60 7.53 2.47 71.17

6-Sep-07 1,102.35 14.10 14.10 17.70 7.08 2.50 71.44

7-Sep-07 1,088.95 -13.40 13.40 18.96 9.18 2.06 67.37

10-Sep-07 1,093.80 4.85 4.85 12.41 9.18 1.35 57.48

11-Sep-07 1,105.10 11.30 11.30 12.19 11.65 1.05 51.13

12-Sep-07 1,101.80 -3.30 3.30 14.28 8.87 1.61 61.69

13-Sep-07 1,128.95 27.15 27.15 14.35 8.87 1.62 61.81

14-Sep-07 1,107.15 -21.80 21.80 14.35 12.83 1.12 52.79

17-Sep-07 1,111.35 4.20 4.20 11.87 12.83 0.93 48.06

18-Sep-07 1,121.45 10.10 10.10 11.52 12.55 0.92 47.86

19-Sep-07 1,155.40 33.95 33.95 17.34 12.55 1.38 58.01

20-Sep-07 1,140.80 -14.60 14.60 18.85 13.23 1.42 58.75

21-Sep-07 1,133.40 -7.40 7.40 18.85 14.60 1.29 56.35

24-Sep-07 1,136.90 3.50 3.50 12.94 14.60 0.89 46.98

25-Sep-07 1,150.55 13.65 13.65 13.08 11.00 1.19 54.32

26-Sep-07 1,159.45 8.90 8.90 14.02 11.00 1.27 56.04

27-Sep-07 1,188.60 29.15 29.15 17.83 11.00 1.62 61.85

28-Sep-07 1,197.10 8.50 8.50 12.74 11.00 1.16 53.66

1-Oct-07 1,210.20 13.10 13.10 12.80 7.40 1.73 63.37

3-Oct-07 1,228.55 18.35 18.35 13.59 0.00 0.00 0.00

4-Oct-07 1,217.35 -11.20 11.20 15.28 11.20 1.36 57.70

5-Oct-07 1,177.95 -39.40 39.40 15.60 25.30 0.62 38.14

8-Oct-07 1,115.15 -62.80 62.80 17.28 37.80 0.46 31.37

9-Oct-07 1,176.25 61.10 61.10 25.26 37.80 0.67 40.06

10-Oct-07 1,218.85 42.60 42.60 33.79 37.80 0.89 47.20

11-Oct-07 1,259.80 40.95 40.95 40.75 37.80 1.08 51.88

12-Oct-07 1,251.10 -8.70 8.70 48.22 30.53 1.58 61.23

15-Oct-07 1,289.80 38.70 38.70 45.84 36.97 1.24 55.36

16-Oct-07 1,273.25 -16.55 16.55 45.84 29.35 1.56 60.96

17-Oct-07 1,203.00 -70.25 70.25 45.84 31.83 1.44 59.02

18-Oct-07 1,038.25 -164.75 164.75 40.75 65.06 0.63 38.51

19-Oct-07 991.50 -46.75 46.75 39.83 61.40 0.65 39.34

22-Oct-07 1,015.85 24.35 24.35 31.53 61.40 0.51 33.93

23-Oct-07 1,066.70 50.85 50.85 37.97 74.58 0.51 33.74

24-Oct-07 1,078.05 11.35 11.35 28.85 74.58 0.39 27.89

25-Oct-07 1,056.80 -21.25 21.25 28.85 75.75 0.38 27.58

26-Oct-07 1,079.85 23.05 23.05 27.40 77.58 0.35 26.10

29-Oct-07 1,086.80 6.95 6.95 23.31 34.00 0.69 40.67

30-Oct-07 1,069.45 -17.35 17.35 23.31 19.30 1.21 54.71

31-Oct-07 1,077.30 7.85 7.85 20.01 19.30 1.04 50.90

1-Nov-07 1,052.95 -24.35 24.35 12.30 20.98 0.59 36.96

2-Nov-07 1,032.75 -20.20 20.20 12.62 20.79 0.61 37.77

5-Nov-07 1,009.75 -23.00 23.00 12.62 21.23 0.59 37.28

6-Nov-07 1,021.20 11.45 11.45 8.75 21.23 0.41 29.19

7-Nov-07 1,024.55 3.35 3.35 7.55 21.23 0.36 26.24

8-Nov-07 1,057.85 33.30 33.30 13.99 22.52 0.62 38.32

9-Nov-07 1,034.25 -23.60 23.60 16.03 22.79 0.70 41.30


45


12-Nov-07 1,019.45 -14.80 14.80 16.03 20.40 0.79 44.01

13-Nov-07 1,030.00 10.55 10.55 14.66 20.47 0.72 41.74

14-Nov-07 1,045.20 15.20 15.20 14.77 19.20 0.77 43.48

15-Nov-07 1,046.10 0.90 0.90 12.66 19.20 0.66 39.74

16-Nov-07 1,039.20 -6.90 6.90 14.99 15.10 0.99 49.81

19-Nov-07 1,084.35 45.15 45.15 17.95 15.10 1.19 54.31

20-Nov-07 1,085.70 1.35 1.35 14.63 10.85 1.35 57.42

21-Nov-07 1,080.55 -5.15 5.15 14.63 6.02 2.43 70.83

22-Nov-07 1,104.40 23.85 23.85 17.29 6.02 2.87 74.16

23-Nov-07 1,113.55 9.15 9.15 16.08 6.02 2.67 72.74

26-Nov-07 1,128.55 15.00 15.00 18.90 6.02 3.14 75.83

27-Nov-07 1,112.05 -16.50 16.50 18.90 10.83 1.75 63.58

28-Nov-07 1,077.75 -34.30 34.30 12.34 18.65 0.66 39.81

29-Nov-07 1,063.90 -13.85 13.85 16.00 17.45 0.92 47.83

30-Nov-07 1,090.40 26.50 26.50 18.63 21.55 0.86 46.36

3-Dec-07 1,092.30 1.90 1.90 13.14 21.55 0.61 37.87

4-Dec-07 1,086.75 -5.55 5.55 14.47 17.55 0.82 45.18

5-Dec-07 1,093.40 6.65 6.65 11.68 17.55 0.67 39.97

6-Dec-07 1,080.40 -13.00 13.00 11.68 16.68 0.70 41.20

7-Dec-07 1,064.70 -15.70 15.70 11.68 12.03 0.97 49.28

10-Dec-07 1,064.20 -0.50 0.50 11.68 8.69 1.34 57.35

11-Dec-07 1,075.15 10.95 10.95 6.50 8.69 0.75 42.80

12-Dec-07 1,073.70 -1.45 1.45 8.80 7.24 1.22 54.86

13-Dec-07 1,063.85 -9.85 9.85 8.80 8.10 1.09 52.07

14-Dec-07 1,103.10 39.25 39.25 25.10 8.10 3.10 75.60

17-Dec-07 1,068.15 -34.95 34.95 25.10 12.49 2.01 66.77

18-Dec-07 1,066.80 -1.35 1.35 25.10 9.62 2.61 72.29

19-Dec-07 1,030.90 -35.90 35.90 25.10 16.70 1.50 60.05

20-Dec-07 999.75 -31.15 31.15 39.25 19.11 2.05 67.26

24-Dec-07 1,001.75 2.00 2.00 20.63 22.64 0.91 47.67

26-Dec-07 1,005.50 3.75 3.75 15.00 25.84 0.58 36.73

27-Dec-07 1,003.80 -1.70 1.70 2.88 21.01 0.14 12.04

28-Dec-07 1,010.55 6.75 6.75 4.17 17.53 0.24 19.21

31-Dec-07 1,024.80 14.25 14.25 6.69 22.92 0.29 22.59

1-Jan-08 1,028.35 3.55 3.55 6.06 16.43 0.37 26.95

2-Jan-08 1,023.05 -5.30 5.30 6.06 3.50 1.73 63.39

3-Jan-08 1,006.95 -16.10 16.10 7.07 7.70 0.92 47.88

4-Jan-08 999.65 -7.30 7.30 8.18 7.60 1.08 51.85

7-Jan-08 1,001.85 2.20 2.20 6.69 9.57 0.70 41.14

8-Jan-08 985.30 -16.55 16.55 6.67 11.31 0.59 37.08

9-Jan-08 970.00 -15.30 15.30 2.88 12.11 0.24 19.19

10-Jan-08 938.85 -31.15 31.15 2.20 15.28 0.14 12.58

11-Jan-08 898.70 -40.15 40.15 2.20 21.09 0.10 9.45

14-Jan-08 876.55 -22.15 22.15 2.20 22.10 0.10 9.05

15-Jan-08 869.50 -7.05 7.05 2.20 22.06 0.10 9.07

16-Jan-08 857.25 -12.25 12.25 0.00 20.66 0.00 0.00

17-Jan-08 859.95 2.70 2.70 2.70 21.34 0.13 11.23

18-Jan-08 865.25 5.30 5.30 4.00 22.55 0.18 15.07

21-Jan-08 736.90 -128.35 128.35 4.00 41.99 0.10 8.70

22-Jan-08 718.95 -17.95 17.95 4.00 37.55 0.11 9.63

23-Jan-08 750.50 31.55 31.55 13.18 41.40 0.32 24.15

24-Jan-08 754.00 3.50 3.50 10.76 52.85 0.20 16.92

25-Jan-08 782.50 28.50 28.50 14.31 73.15 0.20 16.36


46


28-Jan-08 798.25 15.75 15.75 16.92 73.15 0.23 18.79

29-Jan-08 793.00 -5.25 5.25 19.83 50.52 0.39 28.18

30-Jan-08 799.10 6.10 6.10 17.08 11.60 1.47 59.55

31-Jan-08 768.10 -31.00 31.00 17.08 18.13 0.94 48.52

1-Feb-08 755.90 -12.20 12.20 13.46 16.15 0.83 45.46

4-Feb-08 767.25 11.35 11.35 15.43 16.15 0.96 48.85

5-Feb-08 768.70 1.45 1.45 8.66 16.15 0.54 34.91

6-Feb-08 764.90 -3.80 3.80 6.30 13.06 0.48 32.54

7-Feb-08 772.65 7.75 7.75 6.66 15.67 0.43 29.84

8-Feb-08 779.95 7.30 7.30 6.96 15.67 0.44 30.77

11-Feb-08 737.95 -42.00 42.00 6.96 19.33 0.36 26.48

12-Feb-08 718.50 -19.45 19.45 6.96 21.75 0.32 24.25

13-Feb-08 739.40 20.90 20.90 9.35 21.75 0.43 30.06

14-Feb-08 753.20 13.80 13.80 12.44 21.75 0.57 36.38

15-Feb-08 758.95 5.75 5.75 11.10 30.73 0.36 26.54

18-Feb-08 756.65 -2.30 2.30 11.94 21.25 0.56 35.97

19-Feb-08 789.90 33.25 33.25 18.43 21.25 0.87 46.44

20-Feb-08 767.50 -22.40 22.40 18.43 14.72 1.25 55.59

21-Feb-08 780.90 13.40 13.40 17.42 12.35 1.41 58.52

22-Feb-08 774.15 -6.75 6.75 16.55 10.48 1.58 61.22

25-Feb-08 818.45 44.30 44.30 24.18 10.48 2.31 69.75

26-Feb-08 831.25 12.80 12.80 25.94 10.48 2.47 71.22

27-Feb-08 817.65 -13.60 13.60 25.94 14.25 1.82 64.54

28-Feb-08 808.65 -9.00 9.00 23.50 12.94 1.82 64.49

29-Feb-08 795.95 -12.70 12.70 23.50 10.51 2.24 69.09

3-Mar-08 788.75 -7.20 7.20 28.55 9.85 2.90 74.35

4-Mar-08 746.70 -42.05 42.05 28.55 16.91 1.69 62.80

5-Mar-08 741.25 -5.45 5.45 12.80 15.00 0.85 46.04

7-Mar-08 734.85 -6.40 6.40 0.00 13.77 0.00 0.00

10-Mar-08 767.55 32.70 32.70 32.70 13.80 2.37 70.32

11-Mar-08 813.25 45.70 45.70 39.20 14.76 2.66 72.65

12-Mar-08 807.30 -5.95 5.95 39.20 13.41 2.92 74.51

13-Mar-08 779.10 -28.20 28.20 39.20 17.61 2.23 69.00

14-Mar-08 798.90 19.80 19.80 32.73 11.50 2.85 74.00

17-Mar-08 770.40 -28.50 28.50 32.73 17.26 1.90 65.47

18-Mar-08 759.65 -10.75 10.75 32.73 18.35 1.78 64.08

19-Mar-08 777.25 17.60 17.60 27.70 18.35 1.51 60.15

24-Mar-08 804.65 27.40 27.40 21.60 18.35 1.18 54.07

25-Mar-08 817.40 12.75 12.75 19.39 22.48 0.86 46.30

26-Mar-08 817.45 0.05 0.05 15.52 19.63 0.79 44.16

27-Mar-08 823.15 5.70 5.70 12.70 19.63 0.65 39.29

28-Mar-08 838.55 15.40 15.40 13.15 10.75 1.22 55.02

31-Mar-08 826.15 -12.40 12.40 13.15 12.40 1.06 51.47


47



48


2. Ultratech:

Moving Average:

Date Close Price 10 days 20 days2-Apr-07 720.253-Apr-07 713.604-Apr-07 678.555-Apr-07 693.409-Apr-07 738.2010-Apr-07 735.2511-Apr-07 732.3512-Apr-07 720.5513-Apr-07 748.8016-Apr-07 778.40 725.9417-Apr-07 798.40 733.7518-Apr-07 795.05 741.9019-Apr-07 815.05 755.5520-Apr-07 841.95 770.4023-Apr-07 812.05 777.7924-Apr-07 819.85 786.2525-Apr-07 811.50 794.1626-Apr-07 808.80 802.9927-Apr-07 800.35 808.1430-Apr-07 821.25 812.43 769.183-May-07 835.45 816.13 774.944-May-07 828.25 819.45 780.677-May-07 814.05 819.35 787.458-May-07 817.80 816.94 793.679-May-07 819.70 817.70 797.74

10-May-07 802.20 815.94 801.0911-May-07 800.15 814.80 804.4814-May-07 820.20 815.94 809.4615-May-07 808.00 816.71 812.4216-May-07 806.20 815.20 813.8117-May-07 834.90 815.15 815.6418-May-07 820.75 814.40 816.9221-May-07 807.80 813.77 816.5622-May-07 811.45 813.14 815.0423-May-07 809.50 812.12 814.9124-May-07 810.20 812.92 814.4325-May-07 824.40 815.34 815.0728-May-07 817.90 815.11 815.5329-May-07 826.95 817.01 816.8630-May-07 805.80 816.97 816.0831-May-07 831.50 816.63 815.891-Jun-07 835.60 818.11 816.254-Jun-07 838.75 821.21 817.495-Jun-07 837.40 823.80 818.476-Jun-07 820.35 824.89 818.507-Jun-07 803.40 824.21 818.568-Jun-07 808.95 822.66 819.0011-Jun-07 801.95 821.07 818.0912-Jun-07 795.55 817.93 817.4713-Jun-07 789.35 816.28 816.62


49


14-Jun-07 805.05 813.64 815.1315-Jun-07 806.55 810.73 814.4218-Jun-07 805.65 807.42 814.3119-Jun-07 819.55 805.64 814.7220-Jun-07 841.25 807.73 816.3121-Jun-07 836.85 811.07 817.6422-Jun-07 821.90 812.37 817.5125-Jun-07 816.50 813.82 817.4426-Jun-07 814.90 815.76 816.8427-Jun-07 811.90 818.01 817.1528-Jun-07 870.40 824.55 819.0929-Jun-07 900.40 833.93 822.332-Jul-07 883.45 841.71 824.573-Jul-07 886.80 848.44 827.044-Jul-07 938.45 858.16 832.945-Jul-07 902.35 864.71 837.896-Jul-07 905.40 873.06 842.719-Jul-07 890.95 880.50 847.16

10-Jul-07 883.70 887.38 851.5711-Jul-07 899.10 896.10 857.0612-Jul-07 902.90 899.35 861.9513-Jul-07 927.65 902.08 868.0016-Jul-07 965.75 910.31 876.0117-Jul-07 960.70 917.70 883.0718-Jul-07 957.85 919.64 888.9019-Jul-07 967.05 926.11 895.4120-Jul-07 988.50 934.42 903.7423-Jul-07 993.95 944.72 912.6124-Jul-07 969.45 953.29 920.3425-Jul-07 921.65 955.55 925.8226-Jul-07 927.45 958.00 928.6827-Jul-07 875.45 952.78 927.4330-Jul-07 893.75 945.58 927.9431-Jul-07 933.40 942.85 930.271-Aug-07 903.80 937.45 928.542-Aug-07 899.10 930.65 928.383-Aug-07 910.50 922.85 928.636-Aug-07 890.60 912.52 928.627-Aug-07 891.00 904.67 928.988-Aug-07 897.80 902.29 928.929-Aug-07 887.45 898.29 928.14

10-Aug-07 882.70 899.01 925.9013-Aug-07 905.35 900.17 922.8814-Aug-07 905.75 897.41 920.1316-Aug-07 871.30 894.16 915.8017-Aug-07 874.40 891.69 911.1720-Aug-07 872.10 887.85 905.3521-Aug-07 854.85 884.27 898.3922-Aug-07 852.85 880.46 892.5623-Aug-07 866.85 877.36 889.8224-Aug-07 876.35 876.25 887.2727-Aug-07 905.40 878.52 888.7728-Aug-07 910.05 878.99 889.5829-Aug-07 919.35 880.35 888.8830-Aug-07 925.15 885.74 889.9531-Aug-07 920.35 890.33 891.013-Sep-07 948.85 898.01 892.934-Sep-07 979.35 910.46 897.36


50


5-Sep-07 979.55 923.13 901.796-Sep-07 1,004.75 936.92 907.147-Sep-07 997.50 949.03 912.64

10-Sep-07 985.25 957.02 917.7711-Sep-07 975.90 963.60 921.3012-Sep-07 987.25 970.39 925.3713-Sep-07 998.20 977.70 931.7214-Sep-07 974.55 983.12 936.7217-Sep-07 977.40 985.97 941.9918-Sep-07 982.35 986.27 948.3619-Sep-07 1,000.25 988.34 955.7320-Sep-07 1,014.40 989.31 963.1121-Sep-07 1,050.70 994.63 971.8324-Sep-07 1,055.25 1,001.63 979.3225-Sep-07 1,058.50 1,009.89 986.7426-Sep-07 1,084.20 1,019.58 994.9927-Sep-07 1,033.95 1,023.16 1,000.4328-Sep-07 1,047.30 1,030.43 1,006.771-Oct-07 1,058.25 1,038.52 1,012.243-Oct-07 1,107.60 1,051.04 1,018.664-Oct-07 1,094.00 1,060.42 1,024.385-Oct-07 1,085.75 1,067.55 1,028.438-Oct-07 1,037.20 1,066.20 1,030.419-Oct-07 1,062.15 1,066.89 1,034.2610-Oct-07 1,086.90 1,069.73 1,039.8111-Oct-07 1,095.70 1,070.88 1,045.2312-Oct-07 1,118.90 1,079.38 1,051.2715-Oct-07 1,143.95 1,089.04 1,059.7416-Oct-07 1,119.50 1,095.17 1,066.8417-Oct-07 1,131.05 1,097.51 1,074.2818-Oct-07 1,058.25 1,093.94 1,077.1819-Oct-07 1,006.15 1,085.98 1,076.7622-Oct-07 1,024.40 1,084.70 1,075.4523-Oct-07 1,023.60 1,080.84 1,073.8724-Oct-07 1,015.95 1,073.75 1,071.7425-Oct-07 988.70 1,063.05 1,066.9626-Oct-07 1,011.10 1,052.27 1,065.8229-Oct-07 1,030.30 1,040.90 1,064.9730-Oct-07 997.85 1,028.74 1,061.9531-Oct-07 997.20 1,015.35 1,056.431-Nov-07 988.85 1,008.41 1,051.172-Nov-07 974.60 1,005.26 1,045.625-Nov-07 975.70 1,000.39 1,042.546-Nov-07 983.20 996.35 1,038.597-Nov-07 981.00 992.85 1,033.308-Nov-07 978.15 991.80 1,027.429-Nov-07 971.10 987.80 1,020.03

12-Nov-07 955.90 980.36 1,010.6313-Nov-07 983.70 978.94 1,003.8414-Nov-07 1,033.30 982.55 998.9515-Nov-07 1,010.05 984.67 996.5416-Nov-07 1,004.45 987.66 996.4619-Nov-07 1,039.00 993.99 997.1920-Nov-07 1,041.90 999.86 998.1021-Nov-07 993.30 1,001.09 996.9722-Nov-07 987.25 1,002.00 996.9023-Nov-07 988.75 1,003.76 995.7826-Nov-07 1,013.75 1,009.55 994.95


51


27-Nov-07 1,000.65 1,011.24 995.0928-Nov-07 989.10 1,006.82 994.6929-Nov-07 976.85 1,003.50 994.0930-Nov-07 984.25 1,001.48 994.573-Dec-07 999.15 997.50 995.744-Dec-07 999.00 993.21 996.535-Dec-07 990.55 992.93 997.016-Dec-07 980.15 992.22 997.117-Dec-07 978.95 991.24 997.50

10-Dec-07 995.55 989.42 999.4811-Dec-07 997.45 989.10 1,000.1712-Dec-07 994.90 989.68 998.2513-Dec-07 986.15 990.61 997.0614-Dec-07 1,024.10 994.60 998.0417-Dec-07 987.65 993.45 995.4718-Dec-07 982.65 991.81 992.5119-Dec-07 983.75 991.13 992.0320-Dec-07 968.70 989.99 991.1024-Dec-07 969.95 989.09 990.1626-Dec-07 966.70 986.20 987.8127-Dec-07 985.35 984.99 987.0528-Dec-07 979.85 983.49 986.5831-Dec-07 1,013.50 986.22 988.421-Jan-08 992.10 983.02 988.812-Jan-08 992.75 983.53 988.493-Jan-08 987.00 983.97 987.894-Jan-08 977.30 983.32 987.237-Jan-08 988.45 985.30 987.648-Jan-08 971.50 985.45 987.279-Jan-08 959.75 984.76 985.4810-Jan-08 925.05 978.73 981.8611-Jan-08 908.55 971.60 977.5414-Jan-08 936.60 963.91 975.0615-Jan-08 916.25 956.32 969.6716-Jan-08 874.70 944.52 964.0217-Jan-08 891.65 934.98 959.4718-Jan-08 880.65 925.32 954.3221-Jan-08 800.75 906.55 945.9222-Jan-08 754.80 884.88 935.1623-Jan-08 820.15 870.92 927.8424-Jan-08 793.60 857.77 918.2525-Jan-08 872.45 854.16 912.8828-Jan-08 897.50 850.25 907.0829-Jan-08 870.45 845.67 901.0030-Jan-08 879.80 846.18 895.3531-Jan-08 873.45 844.36 889.671-Feb-08 879.75 844.27 884.794-Feb-08 895.55 853.75 880.155-Feb-08 895.30 867.80 876.346-Feb-08 864.90 872.28 871.607-Feb-08 855.00 878.42 868.098-Feb-08 853.85 876.56 865.36

11-Feb-08 805.10 867.32 858.7812-Feb-08 807.60 861.03 853.3513-Feb-08 812.65 854.32 850.2514-Feb-08 866.60 853.63 849.0015-Feb-08 901.65 855.82 850.0518-Feb-08 891.05 855.37 854.56


52


19-Feb-08 900.05 855.85 861.8220-Feb-08 880.85 857.44 864.8621-Feb-08 890.20 860.96 869.6922-Feb-08 892.05 864.78 870.6725-Feb-08 901.65 874.44 870.8826-Feb-08 912.00 884.88 872.9527-Feb-08 914.05 895.02 874.6728-Feb-08 891.05 897.46 875.5529-Feb-08 904.50 897.75 876.783-Mar-08 868.25 895.47 875.424-Mar-08 886.60 894.12 874.985-Mar-08 875.55 893.59 875.527-Mar-08 846.15 889.19 875.07

10-Mar-08 850.80 885.06 874.9211-Mar-08 902.55 885.15 879.7912-Mar-08 893.25 883.28 884.0813-Mar-08 843.05 876.18 885.6014-Mar-08 849.45 872.02 884.7417-Mar-08 822.00 863.77 880.7618-Mar-08 801.05 857.05 876.2619-Mar-08 781.15 846.50 870.3124-Mar-08 773.50 836.30 864.9425-Mar-08 777.25 829.41 859.3026-Mar-08 777.95 822.12 853.5927-Mar-08 768.75 808.74 846.9528-Mar-08 784.80 797.90 840.5931-Mar-08 784.55 792.05 834.11


53


Rate of Change:

Date Close Price ROC 1st ROC 2nd2-Apr-07 720.253-Apr-07 713.604-Apr-07 678.55 100.005-Apr-07 693.409-Apr-07 738.2010-Apr-07 735.2511-Apr-07 732.3512-Apr-07 720.5513-Apr-07 748.8016-Apr-07 778.4017-Apr-07 798.4018-Apr-07 795.0519-Apr-07 815.0520-Apr-07 841.9523-Apr-07 812.0524-Apr-07 819.8525-Apr-07 811.5026-Apr-07 808.8027-Apr-07 800.3530-Apr-07 821.25 14.02 114.023-May-07 835.45 17.08 117.084-May-07 828.25 22.06 122.067-May-07 814.05 17.40 117.408-May-07 817.80 10.78 110.789-May-07 819.70 11.49 111.49

10-May-07 802.20 9.54 109.5411-May-07 800.15 11.05 111.0514-May-07 820.20 9.54 109.5415-May-07 808.00 3.80 103.8016-May-07 806.20 0.98 100.9817-May-07 834.90 5.01 105.0118-May-07 820.75 0.70 100.7021-May-07 807.80 -4.06 95.9422-May-07 811.45 -0.07 99.9323-May-07 809.50 -1.26 98.7424-May-07 810.20 -0.16 99.8425-May-07 824.40 1.93 101.9328-May-07 817.90 2.19 102.1929-May-07 826.95 0.69 100.6930-May-07 805.80 -3.55 96.4531-May-07 831.50 0.39 100.391-Jun-07 835.60 2.65 102.654-Jun-07 838.75 2.56 102.565-Jun-07 837.40 2.16 102.166-Jun-07 820.35 2.26 102.267-Jun-07 803.40 0.41 100.418-Jun-07 808.95 -1.37 98.6311-Jun-07 801.95 -0.75 99.2512-Jun-07 795.55 -1.32 98.6813-Jun-07 789.35 -5.46 94.5414-Jun-07 805.05 -1.91 98.0915-Jun-07 806.55 -0.15 99.8518-Jun-07 805.65 -0.71 99.29


54


19-Jun-07 819.55 1.24 101.2420-Jun-07 841.25 3.83 103.8321-Jun-07 836.85 1.51 101.5122-Jun-07 821.90 0.49 100.4925-Jun-07 816.50 -1.26 98.7426-Jun-07 814.90 1.13 101.1327-Jun-07 811.90 -2.36 97.6428-Jun-07 870.40 4.16 104.1629-Jun-07 900.40 7.35 107.352-Jul-07 883.45 5.50 105.503-Jul-07 886.80 8.10 108.104-Jul-07 938.45 16.81 116.815-Jul-07 902.35 11.55 111.556-Jul-07 905.40 12.90 112.909-Jul-07 890.95 11.99 111.99

10-Jul-07 883.70 11.95 111.9511-Jul-07 899.10 11.68 111.6812-Jul-07 902.90 11.95 111.9513-Jul-07 927.65 15.14 115.1416-Jul-07 965.75 17.84 117.8417-Jul-07 960.70 14.20 114.2018-Jul-07 957.85 14.46 114.4619-Jul-07 967.05 17.66 117.6620-Jul-07 988.50 21.07 121.0723-Jul-07 993.95 21.97 121.9724-Jul-07 969.45 19.41 119.4125-Jul-07 921.65 5.89 105.8926-Jul-07 927.45 3.00 103.0027-Jul-07 875.45 -0.91 99.0930-Jul-07 893.75 0.78 100.7831-Jul-07 933.40 -0.54 99.461-Aug-07 903.80 0.16 100.162-Aug-07 899.10 -0.70 99.303-Aug-07 910.50 2.19 102.196-Aug-07 890.60 0.78 100.787-Aug-07 891.00 -0.90 99.108-Aug-07 897.80 -0.56 99.449-Aug-07 887.45 -4.33 95.67

10-Aug-07 882.70 -8.60 91.4013-Aug-07 905.35 -5.76 94.2414-Aug-07 905.75 -5.44 94.5616-Aug-07 871.30 -9.90 90.1017-Aug-07 874.40 -11.54 88.4620-Aug-07 872.10 -12.26 87.7421-Aug-07 854.85 -11.82 88.1822-Aug-07 852.85 -7.46 92.5423-Aug-07 866.85 -6.53 93.4724-Aug-07 876.35 0.10 100.1027-Aug-07 905.40 1.30 101.3028-Aug-07 910.05 -2.50 97.5029-Aug-07 919.35 1.72 101.7230-Aug-07 925.15 2.90 102.9031-Aug-07 920.35 1.08 101.083-Sep-07 948.85 6.54 106.544-Sep-07 979.35 9.92 109.925-Sep-07 979.55 9.11 109.116-Sep-07 1,004.75 13.22 113.227-Sep-07 997.50 13.01 113.01


55


10-Sep-07 985.25 8.83 108.8311-Sep-07 975.90 7.74 107.7412-Sep-07 987.25 13.31 113.3113-Sep-07 998.20 14.16 114.1614-Sep-07 974.55 11.75 111.7517-Sep-07 977.40 14.34 114.3418-Sep-07 982.35 15.18 115.1819-Sep-07 1,000.25 15.39 115.3920-Sep-07 1,014.40 15.75 115.7521-Sep-07 1,050.70 16.05 116.0524-Sep-07 1,055.25 15.96 115.9625-Sep-07 1,058.50 15.14 115.1426-Sep-07 1,084.20 17.19 117.1927-Sep-07 1,033.95 12.34 112.3428-Sep-07 1,047.30 10.38 110.381-Oct-07 1,058.25 8.06 108.063-Oct-07 1,107.60 13.07 113.074-Oct-07 1,094.00 8.88 108.885-Oct-07 1,085.75 8.85 108.858-Oct-07 1,037.20 5.27 105.279-Oct-07 1,062.15 8.84 108.8410-Oct-07 1,086.90 10.09 110.0911-Oct-07 1,095.70 9.77 109.7712-Oct-07 1,118.90 14.81 114.8115-Oct-07 1,143.95 17.04 117.0416-Oct-07 1,119.50 13.96 113.9617-Oct-07 1,131.05 13.08 113.0818-Oct-07 1,058.25 4.32 104.3219-Oct-07 1,006.15 -4.24 95.7622-Oct-07 1,024.40 -2.92 97.0823-Oct-07 1,023.60 -3.30 96.7024-Oct-07 1,015.95 -6.29 93.7125-Oct-07 988.70 -4.38 95.6226-Oct-07 1,011.10 -3.46 96.5429-Oct-07 1,030.30 -2.64 97.3630-Oct-07 997.85 -9.91 90.0931-Oct-07 997.20 -8.85 91.151-Nov-07 988.85 -8.92 91.082-Nov-07 974.60 -6.04 93.965-Nov-07 975.70 -8.14 91.866-Nov-07 983.20 -9.54 90.467-Nov-07 981.00 -10.47 89.538-Nov-07 978.15 -12.58 87.429-Nov-07 971.10 -15.11 84.89

12-Nov-07 955.90 -14.61 85.3913-Nov-07 983.70 -13.03 86.9714-Nov-07 1,033.30 -2.36 97.6415-Nov-07 1,010.05 0.39 100.3916-Nov-07 1,004.45 -1.95 98.0519-Nov-07 1,039.00 1.50 101.5020-Nov-07 1,041.90 2.55 102.5521-Nov-07 993.30 0.47 100.4722-Nov-07 987.25 -2.36 97.6423-Nov-07 988.75 -4.03 95.9726-Nov-07 1,013.75 1.59 101.5927-Nov-07 1,000.65 0.35 100.3528-Nov-07 989.10 0.03 100.0329-Nov-07 976.85 0.23 100.23


56


30-Nov-07 984.25 0.88 100.883-Dec-07 999.15 1.62 101.624-Dec-07 999.00 1.83 101.835-Dec-07 990.55 1.27 101.276-Dec-07 980.15 0.93 100.937-Dec-07 978.95 2.41 102.41

10-Dec-07 995.55 1.20 101.2011-Dec-07 997.45 -3.47 96.5312-Dec-07 994.90 -1.50 98.5013-Dec-07 986.15 -1.82 98.1814-Dec-07 1,024.10 -1.43 98.5717-Dec-07 987.65 -5.21 94.7918-Dec-07 982.65 -1.07 98.9319-Dec-07 983.75 -0.35 99.6520-Dec-07 968.70 -2.03 97.9724-Dec-07 969.95 -4.32 95.6826-Dec-07 966.70 -3.39 96.6127-Dec-07 985.35 -0.38 99.6228-Dec-07 979.85 0.31 100.3131-Dec-07 1,013.50 2.97 102.971-Jan-08 992.10 -0.71 99.292-Jan-08 992.75 -0.63 99.373-Jan-08 987.00 -0.36 99.644-Jan-08 977.30 -0.29 99.717-Jan-08 988.45 0.97 100.978-Jan-08 971.50 -2.42 97.589-Jan-08 959.75 -3.78 96.2210-Jan-08 925.05 -7.02 92.9811-Jan-08 908.55 -7.87 92.1314-Jan-08 936.60 -8.54 91.4615-Jan-08 916.25 -7.23 92.7716-Jan-08 874.70 -10.99 89.0117-Jan-08 891.65 -9.36 90.6418-Jan-08 880.65 -9.09 90.9121-Jan-08 800.75 -17.44 82.5622-Jan-08 754.80 -21.92 78.0823-Jan-08 820.15 -16.77 83.2324-Jan-08 793.60 -19.01 80.9925-Jan-08 872.45 -13.92 86.0828-Jan-08 897.50 -9.54 90.4629-Jan-08 870.45 -12.32 87.6830-Jan-08 879.80 -10.86 89.1431-Jan-08 873.45 -10.63 89.371-Feb-08 879.75 -11.00 89.004-Feb-08 895.55 -7.82 92.185-Feb-08 895.30 -6.72 93.286-Feb-08 864.90 -6.50 93.507-Feb-08 855.00 -5.89 94.118-Feb-08 853.85 -8.84 91.16

11-Feb-08 805.10 -12.13 87.8712-Feb-08 807.60 -7.67 92.3313-Feb-08 812.65 -8.86 91.1414-Feb-08 866.60 -1.60 98.4015-Feb-08 901.65 12.60 112.6018-Feb-08 891.05 18.05 118.0519-Feb-08 900.05 9.74 109.7420-Feb-08 880.85 10.99 110.9921-Feb-08 890.20 2.03 102.03


57


22-Feb-08 892.05 -0.61 99.3925-Feb-08 901.65 3.58 103.5826-Feb-08 912.00 3.66 103.6627-Feb-08 914.05 4.65 104.6528-Feb-08 891.05 1.28 101.2829-Feb-08 904.50 1.00 101.003-Mar-08 868.25 -3.02 96.984-Mar-08 886.60 2.51 102.515-Mar-08 875.55 2.40 102.407-Mar-08 846.15 -0.90 99.10

10-Mar-08 850.80 5.68 105.6811-Mar-08 902.55 11.76 111.7612-Mar-08 893.25 9.92 109.9213-Mar-08 843.05 -2.72 97.2814-Mar-08 849.45 -5.79 94.2117-Mar-08 822.00 -7.75 92.2518-Mar-08 801.05 -11.00 89.0019-Mar-08 781.15 -11.32 88.6824-Mar-08 773.50 -13.11 86.8925-Mar-08 777.25 -12.87 87.1326-Mar-08 777.95 -13.72 86.2827-Mar-08 768.75 -15.71 84.2928-Mar-08 784.80 -14.14 85.8631-Mar-08 784.55 -11.95 88.05


58



DateClose Price

Change Gain Loss

Avg. Gain

Avg. Loss RS=(ag/al) RSI

2-Apr-07 720.25

3-Apr-07 713.60 -6.65 6.65

4-Apr-07 678.55 -35.05 35.05

5-Apr-07 693.40 14.85 14.85 100.00

9-Apr-07 738.20 44.80 44.80

10-Apr-07 735.25 -2.95 2.95

11-Apr-07 732.35 -2.90 2.90 29.83 11.89 2.51 71.50

12-Apr-07 720.55 -11.80 11.80 29.83 11.87 2.51 71.53

13-Apr-07 748.80 28.25 28.25 29.30 13.18 2.22 68.98

16-Apr-07 778.40 29.60 29.60 29.38 5.88 4.99 83.31

17-Apr-07 798.40 20.00 20.00 30.66 5.88 5.21 83.90

18-Apr-07 795.05 -3.35 3.35 25.95 5.25 4.94 83.17

19-Apr-07 815.05 20.00 20.00 24.46 6.02 4.07 80.26

20-Apr-07 841.95 26.90 26.90 24.95 7.58 3.29 76.71

23-Apr-07 812.05 -29.90 29.90 24.95 16.63 1.50 60.01

24-Apr-07 819.85 7.80 7.80 20.86 16.63 1.25 55.65

25-Apr-07 811.50 -8.35 8.35 18.68 13.87 1.35 57.39

26-Apr-07 808.80 -2.70 2.70 18.23 11.08 1.65 62.21

27-Apr-07 800.35 -8.45 8.45 18.23 12.35 1.48 59.62

30-Apr-07 821.25 20.90 20.90 18.53 12.35 1.50 60.01

3-May-07 835.45 14.20 14.20 14.30 12.35 1.16 53.66

4-May-07 828.25 -7.20 7.20 14.30 6.68 2.14 68.18

7-May-07 814.05 -14.20 14.20 17.55 8.18 2.15 68.21

8-May-07 817.80 3.75 3.75 12.95 8.14 1.59 61.41

9-May-07 819.70 1.90 1.90 10.19 9.95 1.02 50.59

10-May-07 802.20 -17.50 17.50 10.19 12.97 0.79 44.00

11-May-07 800.15 -2.05 2.05 6.62 10.24 0.65 39.26

14-May-07 820.20 20.05 20.05 8.57 10.24 0.84 45.56

15-May-07 808.00 -12.20 12.20 8.57 11.49 0.75 42.72

16-May-07 806.20 -1.80 1.80 8.57 8.39 1.02 50.53

17-May-07 834.90 28.70 28.70 16.88 8.39 2.01 66.81

18-May-07 820.75 -14.15 14.15 24.38 9.54 2.56 71.87

21-May-07 807.80 -12.95 12.95 24.38 8.63 2.82 73.85

22-May-07 811.45 3.65 3.65 17.47 10.28 1.70 62.96

23-May-07 809.50 -1.95 1.95 16.18 8.61 1.88 65.26

24-May-07 810.20 0.70 0.70 11.02 7.71 1.43 58.82

25-May-07 824.40 14.20 14.20 11.81 9.68 1.22 54.95

28-May-07 817.90 -6.50 6.50 6.18 8.89 0.70 41.03


59


29-May-07 826.95 9.05 9.05 6.90 7.13 0.97 49.17

30-May-07 805.80 -21.15 21.15 6.90 9.87 0.70 41.15

31-May-07 831.50 25.70 25.70 12.41 9.87 1.26 55.71

1-Jun-07 835.60 4.10 4.10 10.75 13.83 0.78 43.74

4-Jun-07 838.75 3.15 3.15 11.24 13.83 0.81 44.84

5-Jun-07 837.40 -1.35 1.35 10.50 9.67 1.09 52.07

6-Jun-07 820.35 -17.05 17.05 10.50 13.18 0.80 44.33

7-Jun-07 803.40 -16.95 16.95 10.98 14.13 0.78 43.74

8-Jun-07 808.95 5.55 5.55 9.63 11.78 0.82 44.96

11-Jun-07 801.95 -7.00 7.00 4.27 10.59 0.40 28.72

12-Jun-07 795.55 -6.40 6.40 4.35 9.75 0.45 30.85

13-Jun-07 789.35 -6.20 6.20 5.55 9.16 0.61 37.73

14-Jun-07 805.05 15.70 15.70 10.63 10.72 0.99 49.78

15-Jun-07 806.55 1.50 1.50 7.58 9.14 0.83 45.35

18-Jun-07 805.65 -0.90 0.90 7.58 5.13 1.48 59.67

19-Jun-07 819.55 13.90 13.90 10.37 5.13 2.02 66.92

20-Jun-07 841.25 21.70 21.70 13.20 4.50 2.93 74.58

21-Jun-07 836.85 -4.40 4.40 13.20 3.83 3.44 77.50

22-Jun-07 821.90 -14.95 14.95 13.20 6.75 1.96 66.17

25-Jun-07 816.50 -5.40 5.40 12.37 6.41 1.93 65.85

26-Jun-07 814.90 -1.60 1.60 17.80 5.45 3.27 76.56

27-Jun-07 811.90 -3.00 3.00 17.80 5.87 3.03 75.20

28-Jun-07 870.40 58.50 58.50 40.10 5.87 6.83 87.23

29-Jun-07 900.40 30.00 30.00 44.25 5.87 7.54 88.29

2-Jul-07 883.45 -16.95 16.95 44.25 8.38 5.28 84.08

3-Jul-07 886.80 3.35 3.35 30.62 6.74 4.54 81.96

4-Jul-07 938.45 51.65 51.65 35.88 7.18 4.99 83.32

5-Jul-07 902.35 -36.10 36.10 35.88 18.68 1.92 65.76

6-Jul-07 905.40 3.05 3.05 29.31 26.53 1.10 52.49

9-Jul-07 890.95 -14.45 14.45 22.01 22.50 0.98 49.45

10-Jul-07 883.70 -7.25 7.25 19.35 18.69 1.04 50.87

11-Jul-07 899.10 15.40 15.40 18.36 19.27 0.95 48.80

12-Jul-07 902.90 3.80 3.80 18.48 19.27 0.96 48.95

13-Jul-07 927.65 24.75 24.75 11.75 19.27 0.61 37.88

16-Jul-07 965.75 38.10 38.10 17.02 10.85 1.57 61.07

17-Jul-07 960.70 -5.05 5.05 20.51 8.92 2.30 69.70

18-Jul-07 957.85 -2.85 2.85 20.51 5.05 4.06 80.24

19-Jul-07 967.05 9.20 9.20 18.25 3.95 4.62 82.21

20-Jul-07 988.50 21.45 21.45 19.46 3.95 4.93 83.13

23-Jul-07 993.95 5.45 5.45 19.79 3.95 5.01 83.36

24-Jul-07 969.45 -24.50 24.50 18.55 10.80 1.72 63.20


60


25-Jul-07 921.65 -47.80 47.80 12.03 20.05 0.60 37.51

26-Jul-07 927.45 5.80 5.80 10.48 25.05 0.42 29.49

27-Jul-07 875.45 -52.00 52.00 10.48 41.43 0.25 20.18

30-Jul-07 893.75 18.30 18.30 12.75 41.43 0.31 23.53

31-Jul-07 933.40 39.65 39.65 17.30 41.43 0.42 29.46

1-Aug-07 903.80 -29.60 29.60 21.25 38.48 0.55 35.58

2-Aug-07 899.10 -4.70 4.70 21.25 33.53 0.63 38.80

3-Aug-07 910.50 11.40 11.40 18.79 28.77 0.65 39.51

6-Aug-07 890.60 -19.90 19.90 23.12 26.55 0.87 46.54

7-Aug-07 891.00 0.40 0.40 17.44 18.07 0.97 49.11

8-Aug-07 897.80 6.80 6.80 14.56 18.07 0.81 44.63

9-Aug-07 887.45 -10.35 10.35 6.20 16.14 0.38 27.76

10-Aug-07 882.70 -4.75 4.75 6.20 9.92 0.62 38.45

13-Aug-07 905.35 22.65 22.65 10.31 11.67 0.88 46.92

14-Aug-07 905.75 0.40 0.40 7.56 11.67 0.65 39.33

16-Aug-07 871.30 -34.45 34.45 7.56 16.52 0.46 31.41

17-Aug-07 874.40 3.10 3.10 8.24 16.52 0.50 33.28

20-Aug-07 872.10 -2.30 2.30 8.72 12.96 0.67 40.21

21-Aug-07 854.85 -17.25 17.25 8.72 14.69 0.59 37.24

22-Aug-07 852.85 -2.00 2.00 8.72 14.00 0.62 38.37

23-Aug-07 866.85 14.00 14.00 5.83 14.00 0.42 29.41

24-Aug-07 876.35 9.50 9.50 8.87 14.00 0.63 38.78

27-Aug-07 905.40 29.05 29.05 13.91 7.18 1.94 65.95

28-Aug-07 910.05 4.65 4.65 14.30 7.18 1.99 66.56

29-Aug-07 919.35 9.30 9.30 13.30 9.63 1.38 58.02

30-Aug-07 925.15 5.80 5.80 12.05 2.00 6.03 85.77

31-Aug-07 920.35 -4.80 4.80 12.05 4.80 2.51 71.51

3-Sep-07 948.85 28.50 28.50 14.47 4.80 3.01 75.09

4-Sep-07 979.35 30.50 30.50 17.97 4.80 3.74 78.92

5-Sep-07 979.55 0.20 0.20 13.16 4.80 2.74 73.27

6-Sep-07 1,004.75 25.20 25.20 16.58 4.80 3.45 77.55

7-Sep-07 997.50 -7.25 7.25 18.04 6.02 2.99 74.96

10-Sep-07 985.25 -12.25 12.25 21.10 8.10 2.60 72.26

11-Sep-07 975.90 -9.35 9.35 21.10 9.62 2.19 68.69

12-Sep-07 987.25 11.35 11.35 16.81 9.62 1.75 63.61

13-Sep-07 998.20 10.95 10.95 11.93 9.62 1.24 55.36

14-Sep-07 974.55 -23.65 23.65 15.83 13.13 1.21 54.68

17-Sep-07 977.40 2.85 2.85 8.38 13.13 0.64 38.98

18-Sep-07 982.35 4.95 4.95 7.53 15.08 0.50 33.28

19-Sep-07 1,000.25 17.90 17.90 9.60 16.50 0.58 36.78

20-Sep-07 1,014.40 14.15 14.15 10.36 23.65 0.44 30.46


61


21-Sep-07 1,050.70 36.30 36.30 14.52 23.65 0.61 38.03

24-Sep-07 1,055.25 4.55 4.55 13.45 23.65 0.57 36.25

25-Sep-07 1,058.50 3.25 3.25 11.99 0.00 0.00 0.00

26-Sep-07 1,084.20 25.70 25.70 15.26 0.00 0.00 0.00

27-Sep-07 1,033.95 -50.25 50.25 16.98 50.25 0.34 25.25

28-Sep-07 1,047.30 13.35 13.35 16.22 50.25 0.32 24.40

1-Oct-07 1,058.25 10.95 10.95 15.68 50.25 0.31 23.79

3-Oct-07 1,107.60 49.35 49.35 17.86 50.25 0.36 26.22

4-Oct-07 1,094.00 -13.60 13.60 20.52 31.93 0.64 39.13

5-Oct-07 1,085.75 -8.25 8.25 24.84 24.03 1.03 50.82

8-Oct-07 1,037.20 -48.55 48.55 24.55 30.16 0.81 44.87

9-Oct-07 1,062.15 24.95 24.95 24.65 23.47 1.05 51.23

10-Oct-07 1,086.90 24.75 24.75 27.50 23.47 1.17 53.96

11-Oct-07 1,095.70 8.80 8.80 26.96 23.47 1.15 53.47

12-Oct-07 1,118.90 23.20 23.20 20.43 23.47 0.87 46.54

15-Oct-07 1,143.95 25.05 25.05 21.35 28.40 0.75 42.91

16-Oct-07 1,119.50 -24.45 24.45 21.35 36.50 0.58 36.91

17-Oct-07 1,131.05 11.55 11.55 19.72 24.45 0.81 44.64

18-Oct-07 1,058.25 -72.80 72.80 18.67 48.63 0.38 27.74

19-Oct-07 1,006.15 -52.10 52.10 17.15 49.78 0.34 25.62

22-Oct-07 1,024.40 18.25 18.25 19.51 49.78 0.39 28.16

23-Oct-07 1,023.60 -0.80 0.80 18.28 37.54 0.49 32.75

24-Oct-07 1,015.95 -7.65 7.65 14.90 31.56 0.47 32.07

25-Oct-07 988.70 -27.25 27.25 14.90 32.12 0.46 31.69

26-Oct-07 1,011.10 22.40 22.40 20.33 32.12 0.63 38.75

29-Oct-07 1,030.30 19.20 19.20 19.95 21.95 0.91 47.61

30-Oct-07 997.85 -32.45 32.45 19.95 17.04 1.17 53.94

31-Oct-07 997.20 -0.65 0.65 20.80 13.76 1.51 60.19

1-Nov-07 988.85 -8.35 8.35 20.80 15.27 1.36 57.67

2-Nov-07 974.60 -14.25 14.25 20.80 16.59 1.25 55.63

5-Nov-07 975.70 1.10 1.10 14.23 13.93 1.02 50.55

6-Nov-07 983.20 7.50 7.50 9.27 13.93 0.67 39.96

7-Nov-07 981.00 -2.20 2.20 4.30 11.58 0.37 27.08

8-Nov-07 978.15 -2.85 2.85 4.30 5.66 0.76 43.17

9-Nov-07 971.10 -7.05 7.05 4.30 6.94 0.62 38.26

12-Nov-07 955.90 -15.20 15.20 4.30 8.31 0.52 34.10

13-Nov-07 983.70 27.80 27.80 12.13 6.83 1.78 64.00

14-Nov-07 1,033.30 49.60 49.60 28.30 6.83 4.15 80.57

15-Nov-07 1,010.05 -23.25 23.25 38.70 10.11 3.83 79.29

16-Nov-07 1,004.45 -5.60 5.60 38.70 10.79 3.59 78.20

19-Nov-07 1,039.00 34.55 34.55 37.32 12.78 2.92 74.50


62


20-Nov-07 1,041.90 2.90 2.90 28.71 14.68 1.96 66.16

21-Nov-07 993.30 -48.60 48.60 28.71 25.82 1.11 52.66

22-Nov-07 987.25 -6.05 6.05 29.02 20.88 1.39 58.16

23-Nov-07 988.75 1.50 1.50 12.98 20.88 0.62 38.35

26-Nov-07 1,013.75 25.00 25.00 15.99 20.08 0.80 44.32

27-Nov-07 1,000.65 -13.10 13.10 15.99 22.58 0.71 41.45

28-Nov-07 989.10 -11.55 11.55 9.80 19.83 0.49 33.08

29-Nov-07 976.85 -12.25 12.25 13.25 18.31 0.72 41.98

30-Nov-07 984.25 7.40 7.40 11.30 10.74 1.05 51.28

3-Dec-07 999.15 14.90 14.90 12.20 12.30 0.99 49.80

4-Dec-07 999.00 -0.15 0.15 15.77 9.26 1.70 62.99

5-Dec-07 990.55 -8.45 8.45 11.15 9.10 1.23 55.06

6-Dec-07 980.15 -10.40 10.40 11.15 8.56 1.30 56.57

7-Dec-07 978.95 -1.20 1.20 11.15 6.49 1.72 63.21

10-Dec-07 995.55 16.60 16.60 12.97 5.05 2.57 71.97

11-Dec-07 997.45 1.90 1.90 11.13 5.05 2.20 68.80

12-Dec-07 994.90 -2.55 2.55 9.25 4.55 2.03 67.03

13-Dec-07 986.15 -8.75 8.75 9.25 6.27 1.48 59.60

14-Dec-07 1,024.10 37.95 37.95 18.82 5.72 3.29 76.67

17-Dec-07 987.65 -36.45 36.45 18.82 12.24 1.54 60.59

18-Dec-07 982.65 -5.00 5.00 18.82 13.19 1.43 58.79

19-Dec-07 983.75 1.10 1.10 13.65 13.19 1.04 50.86

20-Dec-07 968.70 -15.05 15.05 19.53 13.56 1.44 59.01

24-Dec-07 969.95 1.25 1.25 13.43 16.31 0.82 45.16

26-Dec-07 966.70 -3.25 3.25 13.43 14.94 0.90 47.35

27-Dec-07 985.35 18.65 18.65 7.00 14.94 0.47 31.91

28-Dec-07 979.85 -5.50 5.50 7.00 7.20 0.97 49.30

31-Dec-07 1,013.50 33.65 33.65 13.66 7.93 1.72 63.26

1-Jan-08 992.10 -21.40 21.40 17.85 11.30 1.58 61.23

2-Jan-08 992.75 0.65 0.65 13.55 10.05 1.35 57.42

3-Jan-08 987.00 -5.75 5.75 17.65 8.97 1.97 66.29

4-Jan-08 977.30 -9.70 9.70 17.65 10.59 1.67 62.51

7-Jan-08 988.45 11.15 11.15 15.15 10.59 1.43 58.86

8-Jan-08 971.50 -16.95 16.95 15.15 13.45 1.13 52.97

9-Jan-08 959.75 -11.75 11.75 5.90 13.11 0.45 31.04

10-Jan-08 925.05 -34.70 34.70 5.90 15.77 0.37 27.23

11-Jan-08 908.55 -16.50 16.50 11.15 15.89 0.70 41.23

14-Jan-08 936.60 28.05 28.05 19.60 17.92 1.09 52.24

15-Jan-08 916.25 -20.35 20.35 19.60 20.05 0.98 49.43

16-Jan-08 874.70 -41.55 41.55 28.05 23.63 1.19 54.27

17-Jan-08 891.65 16.95 16.95 22.50 24.97 0.90 47.40


63


18-Jan-08 880.65 -11.00 11.00 22.50 24.82 0.91 47.55

21-Jan-08 800.75 -79.90 79.90 22.50 42.33 0.53 34.71

22-Jan-08 754.80 -45.95 45.95 22.50 39.75 0.57 36.14

23-Jan-08 820.15 65.35 65.35 41.15 39.75 1.04 50.87

24-Jan-08 793.60 -26.55 26.55 41.15 40.99 1.00 50.10

25-Jan-08 872.45 78.85 78.85 53.72 40.85 1.31 56.80

28-Jan-08 897.50 25.05 25.05 56.42 40.85 1.38 58.00

29-Jan-08 870.45 -27.05 27.05 56.42 44.86 1.26 55.70

30-Jan-08 879.80 9.35 9.35 44.65 33.18 1.35 57.37

31-Jan-08 873.45 -6.35 6.35 44.65 19.98 2.23 69.08

1-Feb-08 879.75 6.30 6.30 29.89 19.98 1.50 59.93

4-Feb-08 895.55 15.80 15.80 27.07 16.70 1.62 61.85

5-Feb-08 895.30 -0.25 0.25 14.12 11.22 1.26 55.74

6-Feb-08 864.90 -30.40 30.40 10.48 16.01 0.65 39.57

7-Feb-08 855.00 -9.90 9.90 10.48 11.73 0.89 47.20

8-Feb-08 853.85 -1.15 1.15 11.05 9.61 1.15 53.48

11-Feb-08 805.10 -48.75 48.75 11.05 18.09 0.61 37.92

12-Feb-08 807.60 2.50 2.50 9.15 18.09 0.51 33.59

13-Feb-08 812.65 5.05 5.05 3.77 18.09 0.21 17.27

14-Feb-08 866.60 53.95 53.95 20.50 22.55 0.91 47.62

15-Feb-08 901.65 35.05 35.05 24.14 19.93 1.21 54.77

18-Feb-08 891.05 -10.60 10.60 24.14 20.17 1.20 54.48

19-Feb-08 900.05 9.00 9.00 21.11 29.68 0.71 41.57

20-Feb-08 880.85 -19.20 19.20 21.11 14.90 1.42 58.62

21-Feb-08 890.20 9.35 9.35 22.48 14.90 1.51 60.14

22-Feb-08 892.05 1.85 1.85 21.84 14.90 1.47 59.44

25-Feb-08 901.65 9.60 9.60 12.97 14.90 0.87 46.54

26-Feb-08 912.00 10.35 10.35 8.03 14.90 0.54 35.02

27-Feb-08 914.05 2.05 2.05 7.03 19.20 0.37 26.81

28-Feb-08 891.05 -23.00 23.00 6.64 21.10 0.31 23.94

29-Feb-08 904.50 13.45 13.45 7.78 23.00 0.34 25.26

3-Mar-08 868.25 -36.25 36.25 7.46 29.63 0.25 20.12

4-Mar-08 886.60 18.35 18.35 10.76 29.63 0.36 26.64

5-Mar-08 875.55 -11.05 11.05 11.05 23.43 0.47 32.04

7-Mar-08 846.15 -29.40 29.40 11.28 24.93 0.45 31.16

10-Mar-08 850.80 4.65 4.65 12.15 24.93 0.49 32.77

11-Mar-08 902.55 51.75 51.75 22.05 25.57 0.86 46.31

12-Mar-08 893.25 -9.30 9.30 24.92 21.50 1.16 53.68

13-Mar-08 843.05 -50.20 50.20 24.92 24.99 1.00 49.93

14-Mar-08 849.45 6.40 6.40 20.93 24.99 0.84 45.59

17-Mar-08 822.00 -27.45 27.45 20.93 29.09 0.72 41.85


64


18-Mar-08 801.05 -20.95 20.95 20.93 26.98 0.78 43.69

19-Mar-08 781.15 -19.90 19.90 29.08 25.56 1.14 53.22

24-Mar-08 773.50 -7.65 7.65 6.40 22.58 0.28 22.09

25-Mar-08 777.25 3.75 3.75 5.08 25.23 0.20 16.75

26-Mar-08 777.95 0.70 0.70 3.62 18.99 0.19 16.00

27-Mar-08 768.75 -9.20 9.20 2.23 17.03 0.13 11.56

28-Mar-08 784.80 16.05 16.05 6.83 14.43 0.47 32.14

31-Mar-08 784.55 -0.25 0.25 6.83 9.25 0.74 42.49


65


3. GRASIM:

Moving Average:

DateClose Price 10 Days 20 days

2-Apr-07 2,058.15

3-Apr-07 2,102.05

4-Apr-07 2,061.15

5-Apr-07 2,108.75

9-Apr-07 2,205.55

10-Apr-07 2,237.00

11-Apr-07 2,225.60

12-Apr-07 2,254.95

13-Apr-07 2,285.55

16-Apr-07 2,375.60 2,191.44

17-Apr-07 2,372.60 2,222.88

18-Apr-07 2,342.50 2,246.93

19-Apr-07 2,362.25 2,277.04

20-Apr-07 2,395.00 2,305.66

23-Apr-07 2,401.70 2,325.28

24-Apr-07 2,378.65 2,339.44

25-Apr-07 2,437.85 2,360.67

26-Apr-07 2,508.75 2,386.05

27-Apr-07 2,424.05 2,399.90

30-Apr-07 2,447.60 2,407.10 2,299.27

3-May-07 2,493.45 2,419.18 2,321.03

4-May-07 2,477.85 2,432.72 2,339.82

7-May-07 2,474.15 2,443.91 2,360.47

8-May-07 2,485.75 2,452.98 2,379.32

9-May-07 2,486.75 2,461.49 2,393.38

10-May-07 2,485.75 2,472.20 2,405.82

11-May-07 2,425.35 2,470.95 2,415.81

14-May-07 2,460.25 2,466.10 2,426.07

15-May-07 2,482.90 2,471.98 2,435.94

16-May-07 2,504.70 2,477.69 2,442.39

17-May-07 2,532.95 2,481.64 2,450.41

18-May-07 2,512.75 2,485.13 2,458.92

21-May-07 2,510.15 2,488.73 2,466.32

22-May-07 2,539.10 2,494.07 2,473.52

23-May-07 2,508.55 2,496.25 2,478.87

24-May-07 2,468.75 2,494.55 2,483.37

25-May-07 2,458.70 2,497.88 2,484.41

28-May-07 2,480.85 2,499.94 2,483.02


66


29-May-07 2,513.20 2,502.97 2,487.48

30-May-07 2,493.80 2,501.88 2,489.79

31-May-07 2,500.30 2,498.62 2,490.13

1-Jun-07 2,518.85 2,499.23 2,492.18

4-Jun-07 2,447.25 2,492.94 2,490.83

5-Jun-07 2,450.20 2,484.05 2,489.06

6-Jun-07 2,450.85 2,478.28 2,487.26

7-Jun-07 2,421.10 2,473.51 2,484.03

8-Jun-07 2,389.35 2,466.58 2,482.23

11-Jun-07 2,347.85 2,453.28 2,476.61

12-Jun-07 2,383.30 2,440.29 2,471.63

13-Jun-07 2,363.60 2,427.27 2,464.57

14-Jun-07 2,425.80 2,419.82 2,459.22

15-Jun-07 2,391.40 2,407.07 2,453.15

18-Jun-07 2,376.20 2,399.97 2,446.45

19-Jun-07 2,434.20 2,398.37 2,441.21

20-Jun-07 2,511.45 2,404.43 2,441.35

21-Jun-07 2,507.80 2,413.10 2,443.30

22-Jun-07 2,497.50 2,423.91 2,445.24

25-Jun-07 2,465.00 2,435.63 2,444.45

26-Jun-07 2,496.95 2,446.99 2,443.64

27-Jun-07 2,503.10 2,460.94 2,444.10

28-Jun-07 2,626.15 2,480.98 2,450.40

29-Jun-07 2,636.00 2,505.44 2,456.25

2-Jul-07 2,620.75 2,529.89 2,464.93

3-Jul-07 2,701.75 2,556.65 2,477.51

4-Jul-07 2,739.30 2,579.43 2,491.93

5-Jul-07 2,748.35 2,603.49 2,508.29

6-Jul-07 2,771.95 2,630.93 2,527.42

9-Jul-07 2,758.50 2,660.28 2,547.95

10-Jul-07 2,727.00 2,683.29 2,565.14

11-Jul-07 2,823.35 2,715.31 2,588.13

12-Jul-07 2,819.25 2,734.62 2,607.80

13-Jul-07 2,874.40 2,758.46 2,631.95

16-Jul-07 2,894.25 2,785.81 2,657.85

17-Jul-07 2,853.95 2,801.03 2,678.84

18-Jul-07 2,897.65 2,816.87 2,698.15

19-Jul-07 2,999.40 2,841.97 2,722.73

20-Jul-07 3,002.80 2,865.06 2,747.99

23-Jul-07 3,032.45 2,892.45 2,776.37

24-Jul-07 3,028.00 2,922.55 2,802.92

25-Jul-07 2,966.90 2,936.91 2,826.11

26-Jul-07 2,962.85 2,951.27 2,842.94

27-Jul-07 2,861.60 2,949.99 2,854.22

30-Jul-07 2,945.35 2,955.10 2,870.45


67


31-Jul-07 2,957.05 2,965.41 2,883.22

1-Aug-07 2,845.75 2,960.22 2,888.54

2-Aug-07 2,901.65 2,950.44 2,896.21

3-Aug-07 2,962.95 2,946.46 2,905.76

6-Aug-07 2,897.95 2,933.01 2,912.73

7-Aug-07 2,921.25 2,922.33 2,922.44

8-Aug-07 2,988.80 2,924.52 2,930.71

9-Aug-07 2,916.25 2,919.86 2,935.56

10-Aug-07 2,874.30 2,921.13 2,935.56

13-Aug-07 2,938.25 2,920.42 2,937.76

14-Aug-07 2,881.15 2,912.83 2,939.12

16-Aug-07 2,790.65 2,907.32 2,933.77

17-Aug-07 2,747.30 2,891.89 2,921.16

20-Aug-07 2,777.95 2,873.39 2,909.92

21-Aug-07 2,726.35 2,856.23 2,894.62

22-Aug-07 2,727.80 2,836.88 2,879.61

23-Aug-07 2,751.20 2,813.12 2,868.82

24-Aug-07 2,771.60 2,798.66 2,859.26

27-Aug-07 2,829.00 2,794.13 2,857.63

28-Aug-07 2,856.35 2,785.94 2,853.18

29-Aug-07 2,911.50 2,788.97 2,850.90

30-Aug-07 2,953.10 2,805.22 2,856.27

31-Aug-07 2,946.95 2,825.18 2,858.53

3-Sep-07 2,933.70 2,840.76 2,857.07

4-Sep-07 3,021.05 2,870.23 2,863.23

5-Sep-07 3,055.80 2,903.03 2,869.95

6-Sep-07 3,176.35 2,945.54 2,879.33

7-Sep-07 3,179.00 2,986.28 2,892.47

10-Sep-07 3,207.80 3,024.16 2,909.14

11-Sep-07 3,212.75 3,059.80 2,922.87

12-Sep-07 3,199.45 3,088.60 2,938.78

13-Sep-07 3,264.10 3,119.70 2,962.46

14-Sep-07 3,227.65 3,147.77 2,986.4717-Sep-07 3,216.30 3,176.03 3,008.3918-Sep-07 3,257.20 3,199.64 3,034.9319-Sep-07 3,329.50 3,227.01 3,065.0220-Sep-07 3,377.55 3,247.13 3,096.3421-Sep-07 3,444.60 3,273.69 3,129.9924-Sep-07 3,425.65 3,295.48 3,159.8225-Sep-07 3,439.25 3,318.13 3,188.9626-Sep-07 3,427.55 3,340.94 3,214.7727-Sep-07 3,438.95 3,358.42 3,239.0628-Sep-07 3,511.05 3,386.76 3,267.261-Oct-07 3,602.35 3,425.37 3,300.703-Oct-07 3,654.95 3,465.14 3,332.394-Oct-07 3,593.95 3,491.59 3,359.305-Oct-07 3,552.55 3,509.09 3,378.118-Oct-07 3,421.65 3,506.79 3,390.249-Oct-07 3,604.40 3,524.67 3,410.07


68


10-Oct-07 3,652.45 3,545.99 3,432.0611-Oct-07 3,818.75 3,585.11 3,463.0212-Oct-07 3,741.80 3,615.39 3,486.9115-Oct-07 3,811.30 3,645.42 3,516.0916-Oct-07 3,758.90 3,661.07 3,543.2217-Oct-07 3,704.55 3,666.03 3,565.5918-Oct-07 3,586.75 3,665.31 3,578.4519-Oct-07 3,510.55 3,661.11 3,585.1022-Oct-07 3,500.55 3,669.00 3,587.9023-Oct-07 3,695.05 3,678.07 3,601.3724-Oct-07 3,649.95 3,677.82 3,611.9025-Oct-07 3,716.50 3,667.59 3,626.3526-Oct-07 3,779.10 3,671.32 3,643.3629-Oct-07 3,805.70 3,670.76 3,658.0930-Oct-07 3,738.05 3,668.68 3,664.8731-Oct-07 3,708.75 3,669.10 3,667.561-Nov-07 3,664.70 3,676.89 3,671.102-Nov-07 3,730.40 3,698.88 3,679.995-Nov-07 3,709.25 3,719.75 3,694.376-Nov-07 3,648.60 3,715.10 3,696.587-Nov-07 3,610.60 3,711.17 3,694.498-Nov-07 3,556.80 3,695.20 3,681.399-Nov-07 3,507.95 3,668.08 3,669.70

12-Nov-07 3,531.80 3,640.69 3,655.7313-Nov-07 3,552.90 3,622.18 3,645.4314-Nov-07 3,669.35 3,618.24 3,643.6715-Nov-07 3,618.70 3,613.64 3,645.2616-Nov-07 3,837.30 3,624.33 3,661.6019-Nov-07 3,869.90 3,640.39 3,680.0720-Nov-07 3,764.30 3,651.96 3,683.53

21-Nov-07 3,640.10 3,654.91 3,683.04

22-Nov-07 3,640.60 3,663.29 3,679.24

23-Nov-07 3,639.75 3,676.47 3,672.28

26-Nov-07 3,738.30 3,697.12 3,668.91

27-Nov-07 3,747.60 3,716.59 3,669.38

28-Nov-07 3,708.50 3,720.51 3,669.37

29-Nov-07 3,680.60 3,726.70 3,670.17

30-Nov-07 3,802.85 3,723.25 3,673.79

3-Dec-07 3,838.40 3,720.10 3,680.25

4-Dec-07 3,812.10 3,724.88 3,688.42

5-Dec-07 3,798.25 3,740.70 3,697.80

6-Dec-07 3,682.85 3,744.92 3,704.11

7-Dec-07 3,647.65 3,745.71 3,711.09

10-Dec-07 3,607.25 3,732.61 3,714.86

11-Dec-07 3,730.45 3,730.89 3,723.74

12-Dec-07 3,724.05 3,732.45 3,726.48

13-Dec-07 3,715.35 3,735.92 3,731.31

14-Dec-07 3,733.80 3,729.02 3,726.13

17-Dec-07 3,631.70 3,708.35 3,714.22

18-Dec-07 3,639.50 3,691.09 3,707.98

19-Dec-07 3,571.20 3,668.38 3,704.54

20-Dec-07 3,543.75 3,654.47 3,699.70


69


24-Dec-07 3,547.60 3,644.47 3,695.09

26-Dec-07 3,615.45 3,645.29 3,688.95

27-Dec-07 3,604.65 3,632.71 3,681.80

28-Dec-07 3,631.80 3,623.48 3,677.96

31-Dec-07 3,662.25 3,618.17 3,677.05

1-Jan-08 3,765.00 3,621.29 3,675.15

2-Jan-08 3,745.10 3,632.63 3,670.49

3-Jan-08 3,603.15 3,629.00 3,660.04

4-Jan-08 3,594.35 3,631.31 3,649.85

7-Jan-08 3,518.00 3,628.74 3,641.60

8-Jan-08 3,401.15 3,614.09 3,629.28

9-Jan-08 3,456.25 3,598.17 3,621.73

10-Jan-08 3,371.50 3,574.86 3,603.78

11-Jan-08 3,379.45 3,549.62 3,586.55

14-Jan-08 3,322.35 3,515.63 3,566.90

15-Jan-08 3,288.40 3,467.97 3,544.63

16-Jan-08 3,266.50 3,420.11 3,526.37

17-Jan-08 3,339.30 3,393.73 3,511.36

18-Jan-08 3,336.70 3,367.96 3,499.64

21-Jan-08 3,010.65 3,317.23 3,472.98

22-Jan-08 2,862.45 3,263.36 3,438.72

23-Jan-08 3,034.10 3,221.14 3,409.66

24-Jan-08 2,884.85 3,172.48 3,373.67

25-Jan-08 3,026.30 3,137.16 3,343.39

28-Jan-08 2,960.60 3,100.99 3,308.31

29-Jan-08 3,023.20 3,074.47 3,271.22

30-Jan-08 2,995.25 3,047.34 3,233.73

31-Jan-08 2,951.50 3,008.56 3,201.14

1-Feb-08 3,017.35 2,976.63 3,172.29

4-Feb-08 3,037.60 2,979.32 3,148.27

5-Feb-08 2,976.80 2,990.76 3,127.06

6-Feb-08 2,891.45 2,976.49 3,098.82

7-Feb-08 2,821.15 2,970.12 3,071.30

8-Feb-08 2,801.20 2,947.61 3,042.39

11-Feb-08 2,734.05 2,924.96 3,012.97

12-Feb-08 2,700.40 2,892.68 2,983.57

13-Feb-08 2,736.35 2,866.79 2,957.06

14-Feb-08 2,847.95 2,856.43 2,932.50

15-Feb-08 2,825.25 2,837.22 2,906.92

18-Feb-08 2,791.40 2,812.60 2,895.96

19-Feb-08 2,860.70 2,800.99 2,895.87

20-Feb-08 2,839.20 2,795.77 2,886.13

21-Feb-08 2,810.60 2,794.71 2,882.42

22-Feb-08 2,788.60 2,793.45 2,870.53

25-Feb-08 2,899.35 2,809.98 2,867.47


70


26-Feb-08 3,040.10 2,843.95 2,868.31

27-Feb-08 2,891.50 2,859.47 2,863.13

28-Feb-08 2,944.45 2,869.12 2,862.77

29-Feb-08 2,881.35 2,874.73 2,855.97

3-Mar-08 2,779.85 2,873.57 2,843.09

4-Mar-08 2,807.90 2,868.29 2,834.64

5-Mar-08 2,870.70 2,871.44 2,833.60

7-Mar-08 2,775.70 2,867.95 2,831.33

10-Mar-08 2,752.90 2,864.38 2,828.92

11-Mar-08 2,789.60 2,853.41 2,831.69

12-Mar-08 2,891.15 2,838.51 2,841.23

13-Mar-08 2,791.35 2,828.50 2,843.98

14-Mar-08 2,851.45 2,819.20 2,844.16

17-Mar-08 2,649.90 2,796.05 2,835.39

18-Mar-08 2,629.15 2,780.98 2,827.28

19-Mar-08 2,593.90 2,759.58 2,813.94

24-Mar-08 2,618.65 2,734.38 2,802.91

25-Mar-08 2,687.45 2,725.55 2,796.7526-Mar-08 2,690.90 2,719.35 2,791.8727-Mar-08 2,697.60 2,710.15 2,781.7828-Mar-08 2,704.65 2,691.50 2,765.0131-Mar-08 2,575.30 2,669.90 2,749.20


71


Rate of Change:

DateClose Price

ROC 1st

ROC 2nd

2-Apr-07 2,058.15

3-Apr-07 2,102.05

4-Apr-07 2,061.15 100.00

5-Apr-07 2,108.75

9-Apr-07 2,205.55

10-Apr-07 2,237.00

11-Apr-07 2,225.60

12-Apr-07 2,254.95

13-Apr-07 2,285.55

16-Apr-07 2,375.60

17-Apr-07 2,372.60

18-Apr-07 2,342.50

19-Apr-07 2,362.25

20-Apr-07 2,395.00

23-Apr-07 2,401.70

24-Apr-07 2,378.65

25-Apr-07 2,437.85

26-Apr-07 2,508.75

27-Apr-07 2,424.05

30-Apr-07 2,447.60 18.92 118.92

3-May-07 2,493.45 18.62 118.62

4-May-07 2,477.85 20.22 120.22

7-May-07 2,474.15 17.33 117.33

8-May-07 2,485.75 12.70 112.70

9-May-07 2,486.75 11.16 111.16

10-May-07 2,485.75 11.69 111.69

11-May-07 2,425.35 7.56 107.56

14-May-07 2,460.25 7.64 107.64

15-May-07 2,482.90 4.52 104.52

16-May-07 2,504.70 5.57 105.57

17-May-07 2,532.95 8.13 108.13

18-May-07 2,512.75 6.37 106.37

21-May-07 2,510.15 4.81 104.81

22-May-07 2,539.10 5.72 105.72

23-May-07 2,508.55 5.46 105.46

24-May-07 2,468.75 1.27 101.27

25-May-07 2,458.70 -2.00 98.00

28-May-07 2,480.85 2.34 102.34

29-May-07 2,513.20 2.68 102.68

30-May-07 2,493.80 0.01 100.01

31-May-07 2,500.30 0.91 100.91


72


1-Jun-07 2,518.85 1.81 101.81

4-Jun-07 2,447.25 -1.55 98.45

5-Jun-07 2,450.20 -1.47 98.53

6-Jun-07 2,450.85 -1.40 98.60

7-Jun-07 2,421.10 -0.18 99.82

8-Jun-07 2,389.35 -2.88 97.12

11-Jun-07 2,347.85 -5.44 94.56

12-Jun-07 2,383.30 -4.85 95.15

13-Jun-07 2,363.60 -6.69 93.31

14-Jun-07 2,425.80 -3.46 96.54

15-Jun-07 2,391.40 -4.73 95.27

18-Jun-07 2,376.20 -6.42 93.58

19-Jun-07 2,434.20 -2.96 97.04

20-Jun-07 2,511.45 1.73 101.73

21-Jun-07 2,507.80 2.00 102.00

22-Jun-07 2,497.50 0.67 100.67

25-Jun-07 2,465.00 -1.92 98.08

26-Jun-07 2,496.95 0.13 100.13

27-Jun-07 2,503.10 0.11 100.11

28-Jun-07 2,626.15 4.26 104.26

29-Jun-07 2,636.00 7.71 107.71

2-Jul-07 2,620.75 6.96 106.96

3-Jul-07 2,701.75 10.24 110.24

4-Jul-07 2,739.30 13.14 113.14

5-Jul-07 2,748.35 15.03 115.03

6-Jul-07 2,771.95 18.06 118.06

9-Jul-07 2,758.50 15.74 115.74

10-Jul-07 2,727.00 15.37 115.37

11-Jul-07 2,823.35 16.39 116.39

12-Jul-07 2,819.25 17.89 117.89

13-Jul-07 2,874.40 20.97 120.97

16-Jul-07 2,894.25 18.90 118.90

17-Jul-07 2,853.95 13.64 113.64

18-Jul-07 2,897.65 15.55 115.55

19-Jul-07 2,999.40 20.10 120.10

20-Jul-07 3,002.80 21.82 121.82

23-Jul-07 3,032.45 21.45 121.45

24-Jul-07 3,028.00 20.97 120.97

25-Jul-07 2,966.90 12.98 112.98

26-Jul-07 2,962.85 12.40 112.40

27-Jul-07 2,861.60 9.19 109.19

30-Jul-07 2,945.35 9.02 109.02

31-Jul-07 2,957.05 7.95 107.95

1-Aug-07 2,845.75 3.54 103.54

2-Aug-07 2,901.65 4.68 104.68


73


3-Aug-07 2,962.95 7.41 107.41

6-Aug-07 2,897.95 6.27 106.27

7-Aug-07 2,921.25 3.47 103.47

8-Aug-07 2,988.80 6.01 106.01

9-Aug-07 2,916.25 1.46 101.46

10-Aug-07 2,874.30 -0.69 99.31

13-Aug-07 2,938.25 2.95 102.95

14-Aug-07 2,881.15 -0.57 99.43

16-Aug-07 2,790.65 -6.96 93.04

17-Aug-07 2,747.30 -8.51 91.49

20-Aug-07 2,777.95 -8.39 91.61

21-Aug-07 2,726.35 -9.96 90.04

22-Aug-07 2,727.80 -8.06 91.94

23-Aug-07 2,751.20 -7.14 92.86

24-Aug-07 2,771.60 -3.15 96.85

27-Aug-07 2,829.00 -3.95 96.05

28-Aug-07 2,856.35 -3.41 96.59

29-Aug-07 2,911.50 2.31 102.31

30-Aug-07 2,953.10 1.77 101.77

31-Aug-07 2,946.95 -0.54 99.46

3-Sep-07 2,933.70 1.23 101.23

4-Sep-07 3,021.05 3.42 103.42

5-Sep-07 3,055.80 2.24 102.24

6-Sep-07 3,176.35 8.92 108.92

7-Sep-07 3,179.00 10.60 110.60

10-Sep-07 3,207.80 9.17 109.17

11-Sep-07 3,212.75 11.51 111.51

12-Sep-07 3,199.45 14.65 114.65

13-Sep-07 3,264.10 18.81 118.81

14-Sep-07 3,227.65 16.19 116.19

17-Sep-07 3,216.30 17.97 117.97

18-Sep-07 3,257.20 19.41 119.41

19-Sep-07 3,329.50 21.02 121.02

20-Sep-07 3,377.55 21.86 121.86

21-Sep-07 3,444.60 21.76 121.76

24-Sep-07 3,425.65 19.93 119.93

25-Sep-07 3,439.25 18.13 118.13

26-Sep-07 3,427.55 16.07 116.07

27-Sep-07 3,438.95 16.70 116.70

28-Sep-07 3,511.05 19.68 119.68

1-Oct-07 3,602.35 19.24 119.24

3-Oct-07 3,654.95 19.61 119.61

4-Oct-07 3,593.95 13.15 113.15

5-Oct-07 3,552.55 11.75 111.75

8-Oct-07 3,421.65 6.67 106.67


74


9-Oct-07 3,604.40 12.19 112.1910-Oct-07 3,652.45 14.16 114.16

11-Oct-07 3,818.75 16.99 116.9912-Oct-07 3,741.80 15.93 115.9315-Oct-07 3,811.30 18.50 118.5016-Oct-07 3,758.90 15.40 115.4017-Oct-07 3,704.55 11.26 111.2618-Oct-07 3,586.75 6.19 106.1919-Oct-07 3,510.55 1.91 101.9122-Oct-07 3,500.55 2.19 102.1923-Oct-07 3,695.05 7.44 107.4424-Oct-07 3,649.95 6.49 106.4925-Oct-07 3,716.50 8.07 108.0726-Oct-07 3,779.10 7.63 107.6329-Oct-07 3,805.70 5.64 105.6430-Oct-07 3,738.05 2.27 102.2731-Oct-07 3,708.75 3.19 103.191-Nov-07 3,664.70 3.16 103.162-Nov-07 3,730.40 9.02 109.025-Nov-07 3,709.25 2.91 102.916-Nov-07 3,648.60 -0.11 99.897-Nov-07 3,610.60 -5.45 94.558-Nov-07 3,556.80 -4.94 95.069-Nov-07 3,507.95 -7.96 92.04

12-Nov-07 3,531.80 -6.04 93.96

13-Nov-07 3,552.90 -4.09 95.91

14-Nov-07 3,669.35 2.30 102.30

15-Nov-07 3,618.70 3.08 103.08

16-Nov-07 3,837.30 9.62 109.62

19-Nov-07 3,869.90 4.73 104.73

20-Nov-07 3,764.30 3.13 103.13

21-Nov-07 3,640.10 -2.06 97.94

22-Nov-07 3,640.60 -3.66 96.34

23-Nov-07 3,639.75 -4.36 95.64

26-Nov-07 3,738.30 0.01 100.01

27-Nov-07 3,747.60 1.05 101.05

28-Nov-07 3,708.50 1.20 101.20

29-Nov-07 3,680.60 -1.33 98.67

30-Nov-07 3,802.85 2.52 102.52

3-Dec-07 3,838.40 5.20 105.20

4-Dec-07 3,812.10 5.58 105.58

5-Dec-07 3,798.25 6.79 106.79

6-Dec-07 3,682.85 4.99 104.99

7-Dec-07 3,647.65 3.28 103.28

10-Dec-07 3,607.25 1.53 101.53

11-Dec-07 3,730.45 1.67 101.67

12-Dec-07 3,724.05 2.91 102.91

13-Dec-07 3,715.35 -3.18 96.82

14-Dec-07 3,733.80 -3.52 96.48

17-Dec-07 3,631.70 -3.52 96.48


75


18-Dec-07 3,639.50 -0.02 99.98

19-Dec-07 3,571.20 -1.91 98.09

20-Dec-07 3,543.75 -2.64 97.36

24-Dec-07 3,547.60 -5.10 94.90

26-Dec-07 3,615.45 -3.53 96.47

27-Dec-07 3,604.65 -2.80 97.20

28-Dec-07 3,631.80 -1.33 98.67

31-Dec-07 3,662.25 -3.70 96.30

1-Jan-08 3,765.00 -1.91 98.09

2-Jan-08 3,745.10 -1.76 98.24

3-Jan-08 3,603.15 -5.14 94.86

4-Jan-08 3,594.35 -2.40 97.60

7-Jan-08 3,518.00 -3.55 96.45

8-Jan-08 3,401.15 -5.71 94.29

9-Jan-08 3,456.25 -7.35 92.65

10-Jan-08 3,371.50 -9.47 90.53

11-Jan-08 3,379.45 -9.04 90.96

14-Jan-08 3,322.35 -11.02 88.98

15-Jan-08 3,288.40 -9.45 90.55

16-Jan-08 3,266.50 -10.25 89.75

17-Jan-08 3,339.30 -6.49 93.51

18-Jan-08 3,336.70 -5.84 94.16

21-Jan-08 3,010.65 -15.14 84.86

22-Jan-08 2,862.45 -20.83 79.17

23-Jan-08 3,034.10 -15.83 84.17

24-Jan-08 2,884.85 -20.57 79.43

25-Jan-08 3,026.30 -17.37 82.63

28-Jan-08 2,960.60 -21.37 78.63

29-Jan-08 3,023.20 -19.28 80.72

30-Jan-08 2,995.25 -16.87 83.13

31-Jan-08 2,951.50 -17.89 82.11

1-Feb-08 3,017.35 -14.23 85.77

4-Feb-08 3,037.60 -10.69 89.31

5-Feb-08 2,976.80 -13.87 86.13

6-Feb-08 2,891.45 -14.24 85.76

7-Feb-08 2,821.15 -16.52 83.48

8-Feb-08 2,801.20 -15.69 84.31

11-Feb-08 2,734.05 -16.86 83.14

12-Feb-08 2,700.40 -17.33 82.67

13-Feb-08 2,736.35 -18.06 81.94

14-Feb-08 2,847.95 -14.65 85.35

15-Feb-08 2,825.25 -6.16 93.84

18-Feb-08 2,791.40 -2.48 97.52

19-Feb-08 2,860.70 -5.72 94.28

20-Feb-08 2,839.20 -1.58 98.42


76


21-Feb-08 2,810.60 -7.13 92.87

22-Feb-08 2,788.60 -5.81 94.19

25-Feb-08 2,899.35 -4.10 95.90

26-Feb-08 3,040.10 1.50 101.50

27-Feb-08 2,891.50 -2.03 97.97

28-Feb-08 2,944.45 -2.42 97.5829-Feb-08 2,881.35 -5.14 94.863-Mar-08 2,779.85 -6.62 93.384-Mar-08 2,807.90 -2.89 97.115-Mar-08 2,870.70 1.76 101.767-Mar-08 2,775.70 -0.91 99.09

10-Mar-08 2,752.90 0.69 100.6911-Mar-08 2,789.60 3.30 103.3012-Mar-08 2,891.15 5.66 105.6613-Mar-08 2,791.35 -1.99 98.0114-Mar-08 2,851.45 0.93 100.9317-Mar-08 2,649.90 -5.07 94.9318-Mar-08 2,629.15 -8.09 91.9119-Mar-08 2,593.90 -8.64 91.3624-Mar-08 2,618.65 -6.83 93.1725-Mar-08 2,687.45 -3.63 96.3726-Mar-08 2,690.90 -7.19 92.81

27-Mar-08 2,697.60 -11.27 88.7328-Mar-08 2,704.65 -6.46 93.54

31-Mar-08 2,575.30 -12.54 87.46


77



Date Close Price Change Gain Loss Avg. Gain Avg. Loss RS RSI

2-Apr-07 2,058.15

3-Apr-07 2,102.05 43.90 43.90

4-Apr-07 2,061.15 -40.90 40.90

5-Apr-07 2,108.75 47.60 47.60 100.00

9-Apr-07 2,205.55 96.80 96.80

10-Apr-07 2,237.00 31.45 31.45

11-Apr-07 2,225.60 -11.40 11.40 54.94 26.15 2.10 67.75

12-Apr-07 2,254.95 29.35 29.35 49.82 26.15 1.91 65.5813-Apr-07 2,285.55 30.60 30.60 47.16 26.15 1.80 64.3316-Apr-07 2,375.60 90.05 90.05 54.31 11.40 4.76 82.6517-Apr-07 2,372.60 -3.00 3.00 55.65 7.20 7.73 88.5418-Apr-07 2,342.50 -30.10 30.10 45.36 14.83 3.06 75.3619-Apr-07 2,362.25 19.75 19.75 42.44 14.83 2.86 74.1020-Apr-07 2,395.00 32.75 32.75 40.50 16.55 2.45 70.9923-Apr-07 2,401.70 6.70 6.70 35.97 16.55 2.17 68.49

24-Apr-07 2,378.65 -23.05 23.05 37.31 18.72 1.99 66.5925-Apr-07 2,437.85 59.20 59.20 29.60 18.72 1.58 61.26

26-Apr-07 2,508.75 70.90 70.90 37.86 26.57 1.42 58.7627-Apr-07 2,424.05 -84.70 84.70 37.86 53.87 0.70 41.2730-Apr-07 2,447.60 23.55 23.55 38.62 53.87 0.72 41.753-May-07 2,493.45 45.85 45.85 41.24 53.87 0.77 43.364-May-07 2,477.85 -15.60 15.60 49.87 41.12 1.21 54.817-May-07 2,474.15 -3.70 3.70 49.87 34.67 1.44 58.998-May-07 2,485.75 11.60 11.60 37.97 34.67 1.10 52.289-May-07 2,486.75 1.00 1.00 20.50 34.67 0.59 37.1610-May-07 2,485.75 -1.00 1.00 20.50 6.77 3.03 75.1811-May-07 2,425.35 -60.40 60.40 19.48 20.18 0.97 49.1314-May-07 2,460.25 34.90 34.90 15.83 20.18 0.78 43.9715-May-07 2,482.90 22.65 22.65 17.54 21.70 0.81 44.7016-May-07 2,504.70 21.80 21.80 18.39 30.70 0.60 37.4617-May-07 2,532.95 28.25 28.25 21.72 30.70 0.71 41.4318-May-07 2,512.75 -20.20 20.20 26.90 27.20 0.99 49.7221-May-07 2,510.15 -2.60 2.60 26.90 27.73 0.97 49.2422-May-07 2,539.10 28.95 28.95 27.31 11.40 2.40 70.5523-May-07 2,508.55 -30.55 30.55 25.41 17.78 1.43 58.8324-May-07 2,468.75 -39.80 39.80 26.33 23.29 1.13 53.0725-May-07 2,458.70 -10.05 10.05 28.60 20.64 1.39 58.08

28-May-07 2,480.85 22.15 22.15 25.55 20.64 1.24 55.32

29-May-07 2,513.20 32.35 32.35 27.82 20.75 1.34 57.28

30-May-07 2,493.80 -19.40 19.40 27.82 24.95 1.11 52.72

31-May-07 2,500.30 6.50 6.50 20.33 24.95 0.81 44.90

1-Jun-07 2,518.85 18.55 18.55 19.89 23.08 0.86 46.28

4-Jun-07 2,447.25 -71.60 71.60 19.89 33.68 0.59 37.12

5-Jun-07 2,450.20 2.95 2.95 16.50 45.50 0.36 26.61

6-Jun-07 2,450.85 0.65 0.65 12.20 45.50 0.27 21.14

7-Jun-07 2,421.10 -29.75 29.75 7.16 40.25 0.18 15.11

8-Jun-07 2,389.35 -31.75 31.75 7.16 44.37 0.16 13.90

11-Jun-07 2,347.85 -41.50 41.50 7.38 43.65 0.17 14.47

12-Jun-07 2,383.30 35.45 35.45 13.02 43.65 0.30 22.97

13-Jun-07 2,363.60 -19.70 19.70 13.02 30.68 0.42 29.79

14-Jun-07 2,425.80 62.20 62.20 32.77 30.68 1.07 51.65


78


15-Jun-07 2,391.40 -34.40 34.40 48.83 31.42 1.55 60.84

18-Jun-07 2,376.20 -15.20 15.20 48.83 28.51 1.71 63.13

19-Jun-07 2,434.20 58.00 58.00 51.88 27.70 1.87 65.19

20-Jun-07 2,511.45 77.25 77.25 58.23 23.10 2.52 71.60

21-Jun-07 2,507.80 -3.65 3.65 65.82 18.24 3.61 78.30

22-Jun-07 2,497.50 -10.30 10.30 65.82 15.89 4.14 80.55

25-Jun-07 2,465.00 -32.50 32.50 67.63 19.21 3.52 77.88

26-Jun-07 2,496.95 31.95 31.95 55.73 15.41 3.62 78.34

27-Jun-07 2,503.10 6.15 6.15 43.34 15.48 2.80 73.68

28-Jun-07 2,626.15 123.05 123.05 59.60 15.48 3.85 79.38

29-Jun-07 2,636.00 9.85 9.85 42.75 15.48 2.76 73.41

2-Jul-07 2,620.75 -15.25 15.25 42.75 19.35 2.21 68.84

3-Jul-07 2,701.75 81.00 81.00 50.40 23.88 2.11 67.86

4-Jul-07 2,739.30 37.55 37.55 48.26 15.25 3.16 75.99

5-Jul-07 2,748.35 9.05 9.05 44.44 15.25 2.91 74.45

6-Jul-07 2,771.95 23.60 23.60 47.35 15.25 3.10 75.64

9-Jul-07 2,758.50 -13.45 13.45 32.21 14.35 2.24 69.18

10-Jul-07 2,727.00 -31.50 31.50 37.80 20.07 1.88 65.32

11-Jul-07 2,823.35 96.35 96.35 49.51 22.47 2.20 68.78

12-Jul-07 2,819.25 -4.10 4.10 41.64 16.35 2.55 71.80

13-Jul-07 2,874.40 55.15 55.15 46.04 16.35 2.82 73.79

16-Jul-07 2,894.25 19.85 19.85 48.74 16.35 2.98 74.88

17-Jul-07 2,853.95 -40.30 40.30 57.12 22.34 2.56 71.89

18-Jul-07 2,897.65 43.70 43.70 53.76 25.30 2.13 68.00

19-Jul-07 2,999.40 101.75 101.75 63.36 22.20 2.85 74.05

20-Jul-07 3,002.80 3.40 3.40 44.77 22.20 2.02 66.85

23-Jul-07 3,032.45 29.65 29.65 42.25 40.30 1.05 51.18

24-Jul-07 3,028.00 -4.45 4.45 39.67 22.38 1.77 63.94

25-Jul-07 2,966.90 -61.10 61.10 44.63 35.28 1.26 55.85

26-Jul-07 2,962.85 -4.05 4.05 44.63 23.20 1.92 65.79

27-Jul-07 2,861.60 -101.25 101.25 44.93 42.71 1.05 51.27

30-Jul-07 2,945.35 83.75 83.75 38.93 42.71 0.91 47.69

31-Jul-07 2,957.05 11.70 11.70 41.70 42.71 0.98 49.40

1-Aug-07 2,845.75 -111.30 111.30 47.73 56.43 0.85 45.82

2-Aug-07 2,901.65 55.90 55.90 50.45 69.43 0.73 42.09

3-Aug-07 2,962.95 61.30 61.30 53.16 72.20 0.74 42.41

6-Aug-07 2,897.95 -65.00 65.00 53.16 92.52 0.57 36.49

7-Aug-07 2,921.25 23.30 23.30 47.19 88.15 0.54 34.87

8-Aug-07 2,988.80 67.55 67.55 43.95 88.15 0.50 33.27

9-Aug-07 2,916.25 -72.55 72.55 52.01 82.95 0.63 38.54

10-Aug-07 2,874.30 -41.95 41.95 52.01 59.83 0.87 46.50

13-Aug-07 2,938.25 63.95 63.95 54.03 59.83 0.90 47.45

14-Aug-07 2,881.15 -57.10 57.10 51.60 59.15 0.87 46.59

16-Aug-07 2,790.65 -90.50 90.50 51.60 65.53 0.79 44.06

17-Aug-07 2,747.30 -43.35 43.35 65.75 61.09 1.08 51.84

20-Aug-07 2,777.95 30.65 30.65 47.30 61.09 0.77 43.64

21-Aug-07 2,726.35 -51.60 51.60 47.30 56.90 0.83 45.39


79


22-Aug-07 2,727.80 1.45 1.45 32.02 60.64 0.53 34.56

23-Aug-07 2,751.20 23.40 23.40 18.50 60.64 0.31 23.38

24-Aug-07 2,771.60 20.40 20.40 18.97 61.82 0.31 23.49

27-Aug-07 2,829.00 57.40 57.40 26.66 47.47 0.56 35.96

28-Aug-07 2,856.35 27.35 27.35 26.77 51.60 0.52 34.16

29-Aug-07 2,911.50 55.15 55.15 30.86 51.60 0.60 37.42

30-Aug-07 2,953.10 41.60 41.60 32.39 0.00 0.00 0.00

31-Aug-07 2,946.95 -6.15 6.15 37.55 6.15 6.11 85.93

3-Sep-07 2,933.70 -13.25 13.25 40.38 9.70 4.16 80.63

4-Sep-07 3,021.05 87.35 87.35 53.77 9.70 5.54 84.72

5-Sep-07 3,055.80 34.75 34.75 49.24 9.70 5.08 83.54

6-Sep-07 3,176.35 120.55 120.55 67.88 9.70 7.00 87.50

7-Sep-07 3,179.00 2.65 2.65 57.38 9.70 5.92 85.54

10-Sep-07 3,207.80 28.80 28.80 54.82 9.70 5.65 84.97

11-Sep-07 3,212.75 4.95 4.95 46.51 13.25 3.51 77.83

12-Sep-07 3,199.45 -13.30 13.30 46.51 13.30 3.50 77.76

13-Sep-07 3,264.10 64.65 64.65 42.73 13.30 3.21 76.26

14-Sep-07 3,227.65 -36.45 36.45 44.32 24.88 1.78 64.05

17-Sep-07 3,216.30 -11.35 11.35 25.26 20.37 1.24 55.36

18-Sep-07 3,257.20 40.90 40.90 34.82 20.37 1.71 63.10

19-Sep-07 3,329.50 72.30 72.30 45.70 20.37 2.24 69.17

20-Sep-07 3,377.55 48.05 48.05 56.48 20.37 2.77 73.50

21-Sep-07 3,444.60 67.05 67.05 58.59 23.90 2.45 71.03

24-Sep-07 3,425.65 -18.95 18.95 57.07 22.25 2.57 71.95

25-Sep-07 3,439.25 13.60 13.60 48.38 15.15 3.19 76.15

26-Sep-07 3,427.55 -11.70 11.70 48.38 15.32 3.16 75.94

27-Sep-07 3,438.95 11.40 11.40 42.48 15.32 2.77 73.49

28-Sep-07 3,511.05 72.10 72.10 42.44 15.32 2.77 73.47

1-Oct-07 3,602.35 91.30 91.30 51.09 15.32 3.33 76.93

3-Oct-07 3,654.95 52.60 52.60 48.20 15.32 3.15 75.88

4-Oct-07 3,593.95 -61.00 61.00 48.20 36.35 1.33 57.01

5-Oct-07 3,552.55 -41.40 41.40 56.85 38.03 1.49 59.92

8-Oct-07 3,421.65 -130.90 130.90 56.85 77.77 0.73 42.23

9-Oct-07 3,604.40 182.75 182.75 99.69 77.77 1.28 56.18

10-Oct-07 3,652.45 48.05 48.05 93.67 77.77 1.20 54.64

11-Oct-07 3,818.75 166.30 166.30 112.43 77.77 1.45 59.11

12-Oct-07 3,741.80 -76.95 76.95 132.37 77.56 1.71 63.05

15-Oct-07 3,811.30 69.50 69.50 116.65 83.08 1.40 58.40

16-Oct-07 3,758.90 -52.40 52.40 116.65 86.75 1.34 57.35

17-Oct-07 3,704.55 -54.35 54.35 116.65 61.23 1.91 65.58

18-Oct-07 3,586.75 -117.80 117.80 94.62 75.38 1.26 55.66

19-Oct-07 3,510.55 -76.20 76.20 117.90 75.54 1.56 60.95

22-Oct-07 3,500.55 -10.00 10.00 69.50 64.62 1.08 51.82

23-Oct-07 3,695.05 194.50 194.50 132.00 62.15 2.12 67.99

24-Oct-07 3,649.95 -45.10 45.10 194.50 59.31 3.28 76.63

25-Oct-07 3,716.50 66.55 66.55 130.53 60.69 2.15 68.26

26-Oct-07 3,779.10 62.60 62.60 107.88 62.28 1.73 63.40


80


29-Oct-07 3,805.70 26.60 26.60 87.56 43.77 2.00 66.67

30-Oct-07 3,738.05 -67.65 67.65 87.56 40.92 2.14 68.15

31-Oct-07 3,708.75 -29.30 29.30 87.56 47.35 1.85 64.90

1-Nov-07 3,664.70 -44.05 44.05 51.92 46.53 1.12 52.74

2-Nov-07 3,730.40 65.70 65.70 55.36 47.00 1.18 54.08

5-Nov-07 3,709.25 -21.15 21.15 51.63 40.54 1.27 56.02

6-Nov-07 3,648.60 -60.65 60.65 46.15 44.56 1.04 50.88

7-Nov-07 3,610.60 -38.00 38.00 65.70 43.47 1.51 60.18

8-Nov-07 3,556.80 -53.80 53.80 65.70 41.16 1.60 61.48

9-Nov-07 3,507.95 -48.85 48.85 65.70 44.42 1.48 59.66

12-Nov-07 3,531.80 23.85 23.85 44.78 44.49 1.01 50.16

13-Nov-07 3,552.90 21.10 21.10 22.48 44.49 0.51 33.56

14-Nov-07 3,669.35 116.45 116.45 53.80 50.33 1.07 51.67

15-Nov-07 3,618.70 -50.65 50.65 53.80 47.83 1.12 52.94

16-Nov-07 3,837.30 218.60 218.60 95.00 51.10 1.86 65.02

19-Nov-07 3,869.90 32.60 32.60 82.52 49.75 1.66 62.39

20-Nov-07 3,764.30 -105.60 105.60 82.52 78.13 1.06 51.37

21-Nov-07 3,640.10 -124.20 124.20 97.19 93.48 1.04 50.97

22-Nov-07 3,640.60 0.50 0.50 92.04 93.48 0.98 49.61

23-Nov-07 3,639.75 -0.85 0.85 83.90 70.33 1.19 54.40

26-Nov-07 3,738.30 98.55 98.55 87.56 76.88 1.14 53.25

27-Nov-07 3,747.60 9.30 9.30 35.24 76.88 0.46 31.43

28-Nov-07 3,708.50 -39.10 39.10 36.12 67.44 0.54 34.88

29-Nov-07 3,680.60 -27.90 27.90 36.12 48.01 0.75 42.93

30-Nov-07 3,802.85 122.25 122.25 57.65 22.62 2.55 71.82

3-Dec-07 3,838.40 35.55 35.55 66.41 22.62 2.94 74.60

4-Dec-07 3,812.10 -26.30 26.30 66.41 31.10 2.14 68.11

5-Dec-07 3,798.25 -13.85 13.85 55.70 26.79 2.08 67.53

6-Dec-07 3,682.85 -115.40 115.40 78.90 44.51 1.77 63.93

7-Dec-07 3,647.65 -35.20 35.20 78.90 43.73 1.80 64.34

10-Dec-07 3,607.25 -40.40 40.40 78.90 46.23 1.71 63.05

11-Dec-07 3,730.45 123.20 123.20 79.38 46.23 1.72 63.19

12-Dec-07 3,724.05 -6.40 6.40 123.20 39.59 3.11 75.68

13-Dec-07 3,715.35 -8.70 8.70 123.20 36.66 3.36 77.07

14-Dec-07 3,733.80 18.45 18.45 70.83 41.22 1.72 63.21

17-Dec-07 3,631.70 -102.10 102.10 70.83 38.56 1.84 64.75

18-Dec-07 3,639.50 7.80 7.80 49.82 39.40 1.26 55.84

19-Dec-07 3,571.20 -68.30 68.30 49.82 46.38 1.07 51.79

20-Dec-07 3,543.75 -27.45 27.45 13.13 42.59 0.31 23.56

24-Dec-07 3,547.60 3.85 3.85 10.03 51.64 0.19 16.27

26-Dec-07 3,615.45 67.85 67.85 24.49 65.95 0.37 27.08

27-Dec-07 3,604.65 -10.80 10.80 26.50 52.16 0.51 33.69

28-Dec-07 3,631.80 27.15 27.15 26.66 35.52 0.75 42.88

31-Dec-07 3,662.25 30.45 30.45 32.32 35.52 0.91 47.65

1-Jan-08 3,765.00 102.75 102.75 46.41 19.12 2.43 70.82

2-Jan-08 3,745.10 -19.90 19.90 46.41 15.35 3.02 75.15

3-Jan-08 3,603.15 -141.95 141.95 57.05 57.55 0.99 49.78


81


4-Jan-08 3,594.35 -8.80 8.80 53.45 45.36 1.18 54.09

7-Jan-08 3,518.00 -76.35 76.35 53.45 61.75 0.87 46.40

8-Jan-08 3,401.15 -116.85 116.85 66.60 72.77 0.92 47.79

9-Jan-08 3,456.25 55.10 55.10 78.93 72.77 1.08 52.03

10-Jan-08 3,371.50 -84.75 84.75 55.10 74.77 0.74 42.43

11-Jan-08 3,379.45 7.95 7.95 31.52 85.74 0.37 26.88

14-Jan-08 3,322.35 -57.10 57.10 31.52 68.77 0.46 31.43

15-Jan-08 3,288.40 -33.95 33.95 31.52 73.80 0.43 29.93

16-Jan-08 3,266.50 -21.90 21.90 31.52 62.91 0.50 33.38

17-Jan-08 3,339.30 72.80 72.80 45.28 49.43 0.92 47.81

18-Jan-08 3,336.70 -2.60 2.60 40.38 40.06 1.01 50.20

21-Jan-08 3,010.65 -326.05 326.05 40.38 88.32 0.46 31.37

22-Jan-08 2,862.45 -148.20 148.20 72.80 98.30 0.74 42.55

23-Jan-08 3,034.10 171.65 171.65 122.23 106.54 1.15 53.43

24-Jan-08 2,884.85 -149.25 149.25 122.23 129.60 0.94 48.54

25-Jan-08 3,026.30 141.45 141.45 128.63 156.53 0.82 45.11

28-Jan-08 2,960.60 -65.70 65.70 156.55 138.36 1.13 53.08

29-Jan-08 3,023.20 62.60 62.60 125.23 172.30 0.73 42.09

30-Jan-08 2,995.25 -27.95 27.95 125.23 97.78 1.28 56.16

31-Jan-08 2,951.50 -43.75 43.75 125.23 71.66 1.75 63.60

1-Feb-08 3,017.35 65.85 65.85 89.97 71.66 1.26 55.66

4-Feb-08 3,037.60 20.25 20.25 72.54 45.80 1.58 61.30

5-Feb-08 2,976.80 -60.80 60.80 49.57 49.55 1.00 50.01

6-Feb-08 2,891.45 -85.35 85.35 49.57 54.46 0.91 47.65

7-Feb-08 2,821.15 -70.30 70.30 43.05 57.63 0.75 42.76

8-Feb-08 2,801.20 -19.95 19.95 43.05 56.03 0.77 43.45

11-Feb-08 2,734.05 -67.15 67.15 43.05 60.71 0.71 41.49

12-Feb-08 2,700.40 -33.65 33.65 20.25 56.20 0.36 26.49

13-Feb-08 2,736.35 35.95 35.95 35.95 56.20 0.64 39.01

14-Feb-08 2,847.95 111.60 111.60 73.77 55.28 1.33 57.17

15-Feb-08 2,825.25 -22.70 22.70 73.77 42.75 1.73 63.31

18-Feb-08 2,791.40 -33.85 33.85 73.77 35.46 2.08 67.54

19-Feb-08 2,860.70 69.30 69.30 72.28 39.34 1.84 64.76

20-Feb-08 2,839.20 -21.50 21.50 72.28 27.93 2.59 72.13

21-Feb-08 2,810.60 -28.60 28.60 72.28 26.66 2.71 73.05

22-Feb-08 2,788.60 -22.00 22.00 90.45 25.73 3.52 77.85

25-Feb-08 2,899.35 110.75 110.75 90.02 25.73 3.50 77.77

26-Feb-08 3,040.10 140.75 140.75 106.93 26.49 4.04 80.15

27-Feb-08 2,891.50 -148.60 148.60 106.93 55.18 1.94 65.96

28-Feb-08 2,944.45 52.95 52.95 101.48 55.18 1.84 64.78

29-Feb-08 2,881.35 -63.10 63.10 101.48 65.57 1.55 60.75

3-Mar-08 2,779.85 -101.50 101.50 101.48 83.80 1.21 54.77

4-Mar-08 2,807.90 28.05 28.05 83.13 104.40 0.80 44.33

5-Mar-08 2,870.70 62.80 62.80 71.14 104.40 0.68 40.53

7-Mar-08 2,775.70 -95.00 95.00 47.93 102.05 0.47 31.96

10-Mar-08 2,752.90 -22.80 22.80 47.93 70.60 0.68 40.44

11-Mar-08 2,789.60 36.70 36.70 42.52 70.60 0.60 37.59


82


12-Mar-08 2,891.15 101.55 101.55 57.28 73.10 0.78 43.93

13-Mar-08 2,791.35 -99.80 99.80 57.28 72.53 0.79 44.12

14-Mar-08 2,851.45 60.10 60.10 65.29 72.53 0.90 47.37

17-Mar-08 2,649.90 -201.55 201.55 66.12 104.79 0.63 38.69

18-Mar-08 2,629.15 -20.75 20.75 66.12 86.22 0.77 43.40

19-Mar-08 2,593.90 -35.25 35.25 66.12 89.34 0.74 42.53

24-Mar-08 2,618.65 24.75 24.75 62.13 89.34 0.70 41.02

25-Mar-08 2,687.45 68.80 68.80 51.22 89.34 0.57 36.44

26-Mar-08 2,690.90 3.45 3.45 39.28 85.85 0.46 31.39

27-Mar-08 2,697.60 6.70 6.70 25.93 85.85 0.30 23.19

28-Mar-08 2,704.65 7.05 7.05 22.15 28.00 0.79 44.17

31-Mar-08 2,575.30 -129.35 129.35 22.15 82.30 0.27 21.21


83


ANALYSIS & INTERPRETATIONS :

1. ACC :

Moving Average:

Short Term Moving Average:

Short term Moving Average

600700800900

1,0001,1001,2001,3001,400

Apr

-07

May

-07

Jun-

07

Jul-0

7

Aug

-07

Sep

-07

Oct

-07

Nov

-07

Dec

-07

Jan-

08

Feb-

08

Mar

-08

Months

Sto

ck P

rice

Close Price

10 Days

Buy Point

Sell PointRising Trend Falling Trend

In the above chart, blue color indicates closing price. Pink color indicates

short term moving average (i.e., 10 days MV).

Moving averages are used along with the price of the scrip.

In the above chart, downward penetration of the rising average indicates

the possibility of a further fall. Hence, the sell signal is generated during

July, October & December.

Upward penetration of a falling average would indicate the possibility of

the further rise. Hence, the buy signal is generated during June, August,

November & February.


84


Long Term Moving Average:

Long term Moving Average

600700800900

1,0001,1001,2001,3001,400

Apr

-07

May

-07

Jun-

07

Jul-0

7

Aug

-07

Sep

-07

Oct

-07

Nov

-07

Dec

-07

Jan-

08

Feb-

08

Mar

-08

Months

Sto

ck P

rice Close Price

20 Days

Flat Trend

Falling Trend

Buy Point

Rising TrendSell Point

This chart is similar to previous chart but it is long term moving average.


long term moving average (i.e., 20 days MV).




August, October & December.


the further rise. Hence, the buy signal is generated during June, August,

November & February.

The moving average is continuously rising from August to October.

The moving average is continuously falling from January to March.

Long Term & Short Term Moving Average:


85


Long term & Short term Moving Average

600700800900

1,0001,1001,2001,3001,400

Apr

-07

May

-07

Jun-

07

Jul-0

7

Aug

-07

Sep

-07

Oct

-07

Nov

-07

Dec

-07

Jan-

08

Feb

-08

Mar

-08

Months

Sto

ck P

rice Close Price

10 Days

20 Days

Sell Point

Buy Point

Falling Trend

Rising Trend


short term moving average (i.e., 10 days MV) & Green color indicates


When long term & short term moving averages are drawn, the intersection

of two moving averages generates buy or sell signal.

In the above chart, the scrip price is falling & the short term moving

average intersects the long term moving average from above falls below it

during the month of June, August, October, December & March. Hence,

the sell signal is generated.

The scrip price is rising & the short term moving average intersects the

long term moving average from below during the June, August, November

& February, indicating a further rise in price, gives a buy signal.

The short term movement may not hold long. Hence, the investor should

wait for the long term average to turn up before buying or selling the scrip.

Relative Strength Index :


86


The Relative Strength Index (RSI) is a financial technical analysis

oscillator showing price strength by comparing upward and downward

close-to-close movements.

In the above chart, blue color line indicates closing price of the scrip.

In above chart, the brown shaded area(RSI) crosses the seventy, there

may be downturn & it is the right time to sell the scrip.

Similarly, the green shaded area (RSI) falling below thirty, it is time to

pick up the scrip.

In this chart, the double bottom, double top formations are generated.

Head & Shoulder formation is also generated in the month of January &

February.


87


Rate of Change:

ROC

-40

-30

-20

-10

0

10

20

30

40

Ap

r-0

7

Ma

y-0

7

Jun

-07

Jul-

07

Au

g-0

7

Se

p-0

7

Oct

-07

No

v-0

7

De

c-0

7

Jan

-08

Fe

b-0

8

Ma

r-0

8Month

Sto

ck

Ma

rke

t

ROC 2nd

Head & Shoulder Trend (Reverse)

Head & Shoulder

Trend

Overbought

Oversold

Falling Trend

Rising Trend

In the above chart, the Blue color line indicates the closing price of the

scrip.

ROC measures the rate of change between the current price & the price ‘n’

number of days in past. ROC helps to find out the overbought & oversold

positions in scrip.

In the above chart, scrip’s ROC reaches the historic high value in the

month of July, the scrip is in overbought region & a fall in the value can

be anticipated. In July, the investor can sell the scrip.

Similarly, scrip’s ROC reaches the historic low value in the month of

January, the scrip is in oversold region & a rise in the scrip’s price can be

anticipated. In January, the investor can buy the scrip.

2. ULTRATECH:


88


Moving Average:



600

700

800

900

1,000

1,100

1,200

Ap

r-0

7

Ma

y-0

7

Jun

-07

Jul-0

7

Au

g-0

7

Se

p-0

7

Oct

-07

No

v-0

7

De

c-0

7

Jan

-08

Fe

b-0

8

Ma

r-0

8

Month

Sto

ck

Pri

ce

Close Price

10 days

Flat Trend

Rising Trend

Falling Trend

Sell Point

Buy Point

Buy Point

In the above chart, X axis indicates month and the Y axis indicates the

price of scrip.






July, October & January.


the further rise. Hence, the buy signal is generated during June, August &

February.

From September to November there is a rising trend, from November to

January there is a flat trend and from February to March there is a falling

trend.


89


Long Term Moving average:

Long term Moving average

600700800900

1,0001,1001,200

Apr-0

7

May-

07

Jun-

07

Jul-0

7

Aug-

07

Sep-

07

Oct-0

7

Nov-

07

Dec-

07

Jan-

08

Feb-

08

Mar-0

8

Month

Stoc

k Pric

e Close Price

20 days

Flat Trend

Rising Trend

Falling Trend

Sell Point

Buy Point

Flat Trend







August, October January & March.


the further rise. Hence, the buy signal is generated during May, September

& February.

The moving average is continuously rising from September to November.

The moving average is continuously falling in the month of March.

The moving average is flat from May to July.

Long Term & Short Term Moving average:


90


LT & ST Moving Average

600

700

800

900

1,000

1,100

1,200

Apr

-07

May

-07

Jun-

07

Jul-0

7

Aug

-07

Sep

-07

Oct

-07

Nov

-07

Dec

-07

Jan-

08

Feb-

08

Mar

-08

Month

Sto

ck P

rice Close Price

10 days

20 days

Flat Trend

Buy Point

Sell Point

Flat Trend

Rising Trend

Falling Trend








during the month of August, October & March. Hence, the sell signal is

generated.


long term moving average from below during the September, November

& February, indicating a further rise in price, gives a buy signal.




91







In above chart, the brown shaded area(RSI) crosses the seventy, there



pick up the scrip.


Reversal Head & Shoulder formation is also generated in the month of

December & January.


92


July Month is over bought region, the investor can sell the scrip.

March month is over sold region, the investor can buy the scrip.

Rate of Change:

ROC

-30

-20

-10

0

10

20

30

Apr-

07

May

-07

Jun-

07

Jul-0

7

Aug-

07

Sep-

07

Oct

-07

Nov

-07

Dec

-07

Jan-

08

Feb-

08

Mar

-08

Month

Stoc

k Pr

ice

ROC 1st

Overbought

OversoldHead & SholderTrend (Reverse)

Falling Trend

Rising Trend


scrip.



positions in scrip.


month of May, the scrip is in overbought region & a fall in the value can

be anticipated. In May, the investor can sell the scrip.





93


The falling trend is during the march.


94


3. GRASIM:

Moving Average:



2,000

2,400

2,800

3,200

3,600

4,000

Apr

-07

May

-07

Jun-

07

Jul-0

7

Aug

-07

Sep

-07

Oct

-07

Nov

-07

Dec

-07

Jan-

08

Feb-

08

Mar

-08

Month

Sto

ck P

rice

Close Price

10 Days

Sell Point

Buy Point

Rising Trend

Falling Trend

Flat Trend

Flat Trend

In the above chart, X axis indicates month and the Y axis indicates the

price of scrip.






August, December & January.


the further rise. Hence, the buy signal is generated during June, August &

February.

From September to November there is a rising trend, from November to

February there is a flat trend and from February to March there is a falling

trend.

Long Term Moving Average:


95


Long term Moving Average

2,000

2,400

2,800

3,200

3,600

4,000A

pr-

07

Ma

y-0

7

Jun

-07

Jul-

07

Au

g-0

7

Se

p-0

7

Oct

-07

No

v-0

7

De

c-0

7

Jan

-08

Fe

b-0

8

Ma

r-0

8

Month

Sto

ck

Pri

ce

Close Price

20 days

Rising Trend

Falling TrendFlat

Sell Point

Flat TrendBuy Point







August, November & December.


the further rise. Hence, the buy signal is generated during July &

September.

The moving average is continuously rising from September to November.

The moving average is continuously falling from December to March.

The moving average is flat from November to January.


96


Long Term & Short Term Moving Average:

LT & ST Moving Average

2,000

2,400

2,800

3,200

3,600

4,000

Ap

r-0

7

Ma

y-0

7

Jun

-07

Jul-

07

Au

g-0

7

Se

p-0

7

Oct

-07

No

v-0

7

De

c-0

7

Jan

-08

Fe

b-0

8

Ma

r-0

8

Month

Sto

ck

Pri

ce

Close Price

10 Days

20 days

Sell Point

Buy Point

Flat Trend

Rising Trend

Falling Trend








during the month of June, August & November. Hence, the sell signal is

generated.


long term moving average from below during the June, September &

March, indicating a further rise in price, gives a buy signal.




97







In above chart, the brown shaded area (RSI) crosses the seventy, there



pick up the scrip.


Head & Shoulder formation is also generated in the month of February &

March.

September Month is over bought region, the investor can sell the scrip.


98


June month is over sold region, the investor can buy the scrip.


99


Rate of Change:

ROC

-25

-20

-15

-10

-5

0

5

10

15

20

25

Ap

r-0

7

Ma

y-0

7

Jun

-07

Jul-

07

Au

g-0

7

Se

p-0

7

Oct

-07

No

v-0

7

De

c-0

7

Jan

-08

Fe

b-0

8

Ma

r-0

8

Month

Sto

ck

Pri

ce

ROC 1st

Head & Sholder

Trend (Reverse)

Downward Trend

Double Bottom

Upward Trend

Oversold

Overbought


scrip.



positions in scrip.


month of July, the scrip is in overbought region & a fall in the value can

be anticipated. In July, the investor can sell the scrip.




The falling trend is from October to February.

The rising trend is from June to August.


100


FINDINGS:

ACC:

In the chart, moving average (short term & long term) was fluctuating

month by month. It was rising from August to October & falling from

December to February.

In RSI chart, the double bottom, double top formations were generated

Reverse Head & Shoulder formation was also generated in the month of

January & February.

During the month of September the shares were overbought, so it is the

right time to sell the share.

During the month of March the shares were oversold, so it is right time to

buy the share

In case of ROC, the reverse Head & Shoulder formation was generated.

June month shows rising trend and December & January months shows

falling trend.

ULTATECH:

The moving average of 10 days & 20 days, was flat from May to June. It

was rising from September to the end of October. It was falling from

January to March.


101


In RSI chart, Reverse Head & Shoulder formation was also generated in

the month of December & January.

The double bottom, double top formations were generated.

The July Month was overbought region; the investor can sell the scrip.

The March month was over sold region, the investor can buy the scrip.

In ROC chart, the reverse Head & Shoulder formation was generated in

December.

May & July months shows rising trend and January & March months

shows falling trend.

GRASIM:

The moving average of 10 days & 20 days, shows flat from October to

January. It shows rising trend from September to November. It shows

falling trend from January to March.

In RSI chart, Head & Shoulder formation was generated from January to

March.

The double bottom, double top formations were generated.

The April month was overbought region; the investor can sell the scrip.

The June month was over sold region, the investor can buy the scrip.

In ROC chart, the reverse Head & Shoulder formation was generated in

August.

ROC shows the rising trend from June to July & it shows the falling trend

from October to January.


102



103


RECOMMENDATION:

It is very difficult for an investor to select any scrip for investment in stock

market. Before investing, the investor should go for a detailed study of the

scrip, which includes: Fundamental analysis of the company & its return

for past 3 years.

ACC:

o According Moving-Average, the prices of the scrip is falling & the

Short-Term Average intersect the Long Term Average on 27 th

March 2008 (Rs.790.06) from above point & falls below it, so the

sell signal is been indicated. So, in future the investor is been

advised to sell the share.

o According to Relative Strength Index (RSI) chart, the RSI lies

between 50 & 60 region & is been in decreasing trend. There fore

in future the prices may come down very drastically, so investor is

been advised to sell the share.

o According to Rate of Change chart, the ROC is falling from 28th

march 2008 to 31st March 2008 with the price of 2.56 to 2.16.it

may go into negative range. So, the investor is been advised to sell

the share.

ULTRATECH:


Short-Term Average intersect, the Long Term Average on 13th

March 2008 (Rs.885.60) from above point & falls below it, so the

sell signal is been indicated. In future also the investor advised to

sell the share.


between 40 & 50 region & is decreasing. In future the prices may


104


come down very drastically, so the investor is been advised to sell

the share.


march 2008 to 31st March 2008 with the price of -15.71 to -11.95.

It is in negative range. So, the investor can sell the share.

GRASIM:


Short-Term Average intersect the Long Term Average on 14 th

March 2008 (Rs.2144.16)from above point & falls below it, so the

sell signal is been indicated. So, in future the investor is been

advised to sell the share.


between 30 & 20 region & is been in decreasing trend. There fore

in future the prices may come down very drastically, so investor is

been advised to sell the share.


march 2008 to 31st March 2008 with the price of -6.46 to -12.54. It

is in negative range. So, the investor is been advised to sell the

share.


105


LIMITATIONS:

The duration of time is very limited, which may not suffice the required

tenure to study the Cement Sector.

I have done the price prediction only for one year; from this data we

cannot get the results accurately.

I have compared Reliance’s three mutual funds, which may not represent

the entire Mutual Fund industry.

I have chosen only Cement Sector Companies, whereas there are

numerous sectors in the stock market.


106


CONCLUSION:

The Global market is fast growing in investment business. Countries like US,

whole of Europe spread their investment in different investment alternatives with

the help of advisory services to recommend investor.

In Indian scenario the investments are spread over Bank Deposits, Savings

Certificate, Post Office, Equity Markets and the latest Mutual Fund. Since Mutual

Funds are subject to market risk the investor take help of advisory services for

financial planning which helps the investor to take calculated risk.

The recent correction in the stock market has left many investors unsettled. It is

quite common to see many investors moving to side lines every time the market

turns volatile or corrects itself. I’m sure as the market starts rallying again, some

of them will move back quickly but would be willing to move out even more

quickly at the next sign of downside volatility.

No doubt, watching the value of investments go down day after day can be pretty

tough. However, the pain becomes more bearable if one follows a proper

investment plan and invests for the long term. Having a well diversified portfolio

as well as a plan to rebalance it from time to time also helps a great deal.

Technical analysis can offer great insight, but if used improperly, they can also

produce false signals. While trend lines have become a very popular aspect of

technical analysis, they are merely one tool for establishing, analyzing, and

confirming a trend. Trend lines should not be the final arbiter, but should serve

merely as a warning that a change in trend may be very useful.


107


The price set by the market reflects the sum knowledge of all participants, and we

are not dealing with lightweights here. These participants have considered

(discounted) everything under the sun and settled on a price to buy or sell. These

are the forces of supply and demand at work. By examining price action to

determine which force is prevailing, technical analysis focuses directly on the

bottom line: What is the price? Where has it been? Where is it going?

Even though there are some universal principles and rules that can be applied, it

must be remembered that technical analysis is more an art form than a science. As

an art form, it is subject to interpretation. However, it is also flexible in its

approach and each investor should use only that which suits his or her style.

Developing a style takes time, effort and dedication, but the rewards can be

significant.

In this project, the market is falling tremendously in the month of February &

March. So, the tools which were used also showing the downward trend. We can

predict that the investor can sell the share.


108


BIBLIOGRAPHY:

Reference Books. Security Analysis & Portfolio Management

-- By. Punithavathy Pandian.

Security Analysis & Portfolio Management-- By Donald E. Fischer &Ronald J. Jordon

Websites. www.nseindia.com www.investopedia.com www.StockCharts.com www.wikipedia.com www.sharekhan.com

Magazines. Fortune India Dalal Street


109

a project report on technical analysis at share khan

Business

stock market index

stock market indices

expression stock market

overthecounter market

public market

thestock market

stock prices

market participants