Russia ETF - RSX - is bullish
In the chart we can see two phases of RSX, the VanEck Vectors Russia ETF. In the first phase, we show in the blue lines, RSX moved in an ascending channel.
It’s interesting to see also that the 50-day exponential moving average was functioning as a support line throughout this move. As soon as price touched this moving average, it bounced up to reach the upper Bollinger Band.
In the second phase, the orange boxes, RSX broke above the upper channel line and started trading along the upper Bollinger Band. This is a strong trend where price moves above its diverging 10- 20- and 50-day exponential moving averages.
As bullish momentum started getting stronger, MACD moved above its signal line and to a positive territory.
At about the same time, RSX’s Relative Strength also started moving up and quickly crossed above its 20-day exponential moving average.