Putin Blinks, So Is It Time To Buy Into Russia?
So is it time to buy into the Russian stock market again? This morning, the Market Vectors Russia ETF (RSX) is trading higher by nearly 4.0 percent to $23.35 a share. The RSX put in a near term bottom on March 13, 2014 at $20.86 a share, so traders can easily see the short term momentum in the RSX is to the upside. Traders and investors should watch for major daily chart resistance around the $26.00 level for the RSX if it trades up to that level. After all, this coming Friday is the monthly options expiration for the month of March, so we often see beaten down equities catch a bid into the expiration. President Putin also has a tendency to rescind what he says after a few days. Traders should expect the RSX to start to decline around the $26.00 if it can trade that high, this could be a good shorting level for aggressive traders.
Nicholas Santiago
