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Thursday, March 5, 2009
Is Russia On Course For A Major Bounce/Rebound?
Russia has seen a dramatic decline in their markets and a major recession/depression. This has been mostly due to the commodity collapse as oil has dropped from $148 into the low $30s. The chart on the Russian ETF (RSX) seems to be trying to put in a bottom. In addition, the move up in oil over the last 2 weeks has caused a nice spike as well. Keep a close eye on this $45 dollar level in oil. Also note the trend line breakout point on the RSX in the chart below. Should this breakout, and it should coincide with oil breaking out over $45 per barrel, Russia may be the place for a strong near term runup. The charts do show a possible need for consolidation on oil and the RSX, however, a breakout looks very near.
