Makor Securities Dover House 34 Dover Street W1S 4NG London England +44 207 290 5782 Prepared

by Makor Capital Research Team

Makor Capital Rogovin Tower 11 Menahem Begin Road 52681 Ramat Gan Israel +972 2 545 3777 Barry Lyss blyss@makor-capital.com

Makor Capital Markets 11, rue de la Rotisserie 1204 Geneva Switzerland +41 223 10 6916 Tel: +972 3 545 3767

Technical Research BNP FP (26.76 last)

Quick Overview:
A break above 27.50 would be positive and argue for a possible move towards the 55 & 200 dma which currently stand at 31.98 & 32.58 in respectively. A similar correction took place back in July 2011 last time the 55 & 200 dma posted a bearish cross which also seems inevitable at the moment. That being said and given the overall trend an upwards correction towards the 32.00 area should be viewed merely as an upside correction within a medium term downtrend. Our Elliot Wave count suggested on the chart favors one more move lower set to take out the September 23 low at 22.72. The weekly chart (posted on page 2) highlights the double top formation which targets a move towards 21.37. Good Luck! Support: 24.80-85 & 22.72 Resistance: 27.50 & 31.98- 32.58
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PROBE: a proprietary index measuring the break-even probability of a given deal. 22 May 2012

Weekly Chart

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22 May 2012