Global stocks have lagged recently because of weakness in China, but a handful of countries are still advancing. One of them is Russia.
The VanEck Russia ETF rallied about 50 percent between November and June. It’s consolidated since then, while making a series of higher lows. The most recent low around $29 was noteworthy because it was near previous highs from...
After a monster move up from the bottom it seems Russia index is getting tired and needs at least
a pause (correction through time) if not a nice correction. Of course, this is part of the overall
market analysis outside of the US.
This is a Russia ETF.
More info here
The chart pattern is showing a "cup n handle",
go long if we can breakout of this resistance $26.42
More on cup n handle pattern.
Since my earlier posts and analysis on RSX, it has turned out to be a MONSTER run.
Even I remain under-invested in RSX. My mistake, this was not a good name to trade in and out of. Even though I suggested it, I couldn't take my own suggestion to BUY and HOLD this.
I'm at a loss wondering if this will pull back, but be patient I must.
I've posted this before but it's looking strong today with the MACD making a very clean turn.
These MACD turns have worked out well in the recent past, so I think it's worth the risk to remain long.
Plus, Oil and Commodities have been bullish as inflation expectations have ramped up.
Plus, this index pays about a 4% dividend.
Remaining long and will add on pullbacks.
Technically, the RSX Russia index completed a huge, 5 year long cup & handle formation. The handle of this pattern has a smaller cup & handle formation.
Both just broke out to the upside and this week held a perfect backtest. A long position can be taken with a stop under this week's lows.
We don't hear much about Russia. We hear of massive problems in...
I don't like the pattern at all in RSX .
In a period where it supposed to be rising RSX broke the cycle low.
Likely , the decline will steepen into late August , Early Sep where we will potentially see by then a deficient rally and then a correction again going into next year.
Overall I don't like at all and I believe this cycle is in the early stages of a L-H...