Looking for a move to $35-36 area then consolidation. In monthly calls atm.
Many are calling for a breakout of a longer-term ascending triangle. That formation is still in tact. However, short-term, I'm detecting a H&S top and a rising "bearish" wedge. Downside levels shown.
With the world melting down is Russia going to get a little bit of a breather? S&P sat around TL and psychological resistance at 1900 we could see a bounce up next wk. Yandex (Russian Google) broke above its Bearish TL back in Oct last year (~12.80) and just dipped below that break out level as it gapped down on Friday. Looking to fill that gap in next weeks...
With the world melting down is Russia going to get a little bit of a breather? S&P sat around TL and psychological resistance at 1900 we could see a bounce up next wk. Yandex (Russian Google) broke above its Bearish TL back in Oct last year (~12.80) and just dipped below that break out level as it gapped down on Friday. Looking to fill that gap in next weeks...
Oil will rebound, and Russian stocks is one of the best ways to play this rally IMO. Going long YNDX here based on its recent strength vs RSX. I think it's in the position to lead the market up when oil finally bottoms.
Update 12-4: Ok, we have a falling knife situation here. But this will be a grand buying opportunity when the ruble stops imploding. Update 12-2: I have to say that given the circumstances YNDX is holding remarkably well. USDRUB is 54, Russia RTS is down 3% today! YDNX is a great Russian company, dominating the internet search market in the Former Soviet Union....