Eurasian Natural Resources Corporation PLC

PartyGaming PLC 

Stocks Update

CSS Partners Service Letter

Eurasian Natural Resources Corporation PLC
ENRC.L

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PartyGaming PLC
PRTY.L

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Stocks Update

Whitbread PLC

On the daily chart,Whitbread is trading above the channel between 1344.0p and 1417.0p, hitting the reduced profit target of 1400.0p which indicates an uptrend for the stock.  MACD is positive and 12 day EMA has crossed above 26 day EMA indicating the formation of an uptrend. 14 day RSI is also below 60 supporting strength in trend. Positive DMI is slightly above negative DMI, while ADX is below 20 indicating consolidation. All positions should be closed for the stock.

Wellstream Holdings PLC

On the daily chart, Wellstream is forming a slight uptrend as MACD is still negative but 12 day EMA is slightly above 26 day EMA. 14 day RSI is above 50 indicating that it is forming a bottom near 500.0p. 14 day positive DMI is still below 14 day negative and ADX is below 20 indicating weakness in the uptrend. Stock is above 20 day EMA supporting the short-term uptrend. Looking at the uptrend movement forming in the stock it should be a hold with a reduced profit target of 495.0p.

Chemring Group PLC

On the daily chart, Chemring continues in a positive trend and is trading near 3200.0p. It is still above 20 day EMA and 50 day EMA which suggests the short-term uptrend is still intact. MACD is positive and 12 day EMA is below 26 day EMA, indicating a rebound from the 52 week high. 14 day RSI is above 50 showing strength in trend. 14 day positive DMI is above 14 day negative, while ADX is near 25 indicating an uptrend. Stock should be a hold with the same profit target.

Imperial Tobacco Group PLC

Imperial is continuously making a higher low from its 52 week low of 1368.0p with a positive slope, which is an encouraging sign. Trend for the stock looks positive as MACD is positive and 12 day EMA is just below 26 day EMA, which indicates an uptrend. 14 day RSI is above 50 showing strength in trend. 14 day positive DMI is above 14 day negative DMI and ADX is near 35 indicating a strong trend in the stock. Stock should be a hold with the same profit target.

Fidessa group PLC

On the daily chart, Fidessa is still trading above a channel between 1058.0p and 1300.0p with higher lows indicating an uptrend for the stock. MACD is positive and 12 day EMA is above 26 day EMA indicating an uptrend in the stock. 14 day RSI is above 70 and both the indicators are making an uptrend. 14 day positive DMI is above 14 day negative and ADX is near 30 indicating uptrend. Stock should be a hold with the same profit target.

Compass group PLC

On the daily chart, Compass has broken above from 470.1p making a new 52 week high of 481.0p which indicates an uptrend in the stock, but entry could be taken at 454.2p above recommended price of 448.0p. MACD is positive and 12 day EMA is above 26 day EMA, indicating an uptrend. 14 day RSI is above 60 showing strength in trend. ADX is above 20 and positive 14 day DMI is above negative 14 day DMI showing an uptrend is forming. Stock is above 20 day and 50 day EMA, and is still above 200 day EMA which indicates the short and long-term uptrend is intact for the stock. Stock should be a hold with the same profit target and new stop loss of 432.0p

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Important Information

This report has been issued by CSS Partners LLP (“CSS Partners”). CSS Partners is an appointed representative of Charles Street Securities Europe LLP (“CSS”) which is authorised and regulated by the Financial Services Authority in the UK. It constitutes non-independent “investment research” as contemplated by the FSA Rules and is thus considered a marketing communication. This report was prepared by Kuldeep Bhati who is employed as an analyst at CSS Partners and as such does not conform with the FSA definition of independent investment research and as such is not subject to the rule of not dealing ahead of distribution of the marketing communication and was not prepared in line with the legal requirements for independent communication.

The report is provided solely for your information and may not be reproduced or redistributed, in whole or in part to any other person without specific consent of CSS Partners.

In the preparation of this report, CSS Partners has had access to publicly available information and other sources believed to be reliable. Whilst reasonable care has been taken to ensure that the facts stated herein are accurate and that the recommendations, forecasts, opinions and expectations contained herein are fair and reasonable, neither the author, nor CSS Partners, nor CSS has verified the public information upon which this is based. None of the author, CSS Partners, CSS or any of their respective directors, officers or employees (the “Parties”) makes any representation or warranty, express or implied as to soundness of the recommendation, the accuracy or completeness of the information or opinions contained herein. Investors must make their own investment decision and not rely on this report. The Parties shall not be liable for any loss, costs, liability, expenses (together “losses”) suffered by you following your utilising any of the services we provide other than losses arising directly as a result of fraud or wilful default on our part or as a result of any liability that may not be excluded under the UK regulatory system. In no event shall we be liable for special, indirect or consequential damages of any kind, even though we may have been informed about the possibility of such loss. You shall indemnify us and our officers and employees on demand and keep all such persons indemnified against all losses which may be incurred directly or indirectly by reason of or in consequence of providing this service save to the extent that such losses arise directly as a result of our, fraud or wilful default.

Any opinions, forecasts or estimates herein constitute a judgment as at the date of this report. There can be no assurance that future results or events will be consistent with any such opinions, forecasts or estimates. This information is subject to change without notice. It may be incomplete or condensed and it may not contain all material information concerning the Company. This document does not constitute or form part of and should not be construed as any offer for sale or purchase of (or solicitation of or invitation to make any offer to buy or sell) any securities nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever.

Risk Factors

There is no certainty that the recommendations will be successful or that they will make money for investors.

There is no certainty that execution prices can be achieved, either in opening or in closing a position.

There is considerable risk operating in equity, futures, options and spread betting markets and investors need to be able to sustain a total loss of capital along with unlimited liability. Potential investors are recommended to consult a financial adviser before entering into such positions.

Regulatory disclosures

In accordance with the Conduct of Business Rules COBS12.4.7R (i) in the preparation of the report the analyst used price and volume charts provided by independent data suppliers and applied technical analysis tools of investment and trading evaluation in arriving at his recommendations, ii) all recommendations made by the analyst are followed up in subsequent reports until the closure of a position, iii) there is no certainty that any recommendation will be successful or that technical analysis should be used exclusively to arrive at investment decisions.

In accordance with section 12.4 of the FSA’s New Conduct of Business Rules, CSS Partners makes the following disclosures:

CSS, CSS Partners and their respective officers, directors, shareholders and /or partners may have a shareholding in the companies reviewed in this report. They will not have access to this report until it is published, except those responsible for compliance issues concerning this report.

The research analyst responsible for the content of this research report certifies that: the views expressed and attributed to the research analyst or analysis in the research report accurately reflect his personal assessment about the subject securities and issuers and/or other subject matter as a appropriate and no part of his compensation was, is or will be, directly or indirectly related to the specific recommendations or views contained in this research report. On a general basis, the efficacy of recommendations is a factor in the performance appraisals of analysts.

The analyst is not involved in any other activity of CSS Partners or CSS that is inconsistent with his objectivity in preparing the reports. His research information is confidential, the only persons privy to this data bar the analyst are senior management. The research recommendations will be updated, but neither CSS nor CSS Partners accept any responsibility for any delay or interruption of service in the submission of reports or updates to reports.

Distribution of recommendations for the period 1st October to 31st December 2009:

	% Distribution of recommendations	No of recommendation
Buy	82%	18
Hold	0	0
Sell	18%	4

The first column displays the % distribution of recommendations made by CSS Partners in this Technical Analysis Trading programme and the second column shows the numbers of such recommendation. Neither CSS nor CSS Partners has any investment banking relationships with any of the companies covered in the Technical Analysis Trading Programme, namely the companies in the FTSE 350 index.

Your attention is also directed to the terms of our client agreement with you that covers the provision of this service. To the extent that there is any conflict between the above and the client agreement, the provisions of the above disclaimer will take priority.