The Russian stock market has crossed above its long term (since 2008) long term bearish pattern this March and is currently aiming at the 1,340 1W Resistance. There is potential that the former Lower High trend line will turn into support now. Our long term target on this market is 1,500.
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There will be no miracle. Less revenues from falling oil market will drag the index lower
as it should be around 800 already and could hit 530 when the oil would retest a multi-year low.
The correlation index for the past 12 months shows negative correlation but it is a temporary situation
as on the longer periods (20+ months) it is positive.
This will change...