Is Russia ready for a reversal?

Since the beginning of August, RSX – the VanEck Vectors Russia ETF – was in a downtrend that brought price at a support line, the lower blue line in the chart, at about 21.4.

Then price reacted and reached its 10-day exponential moving average, just above 22. We will wait to see the ETF’s price action at this critical point. Will the bulls prove strong enough and break through the upper side of the box, to resume its bullish trend?

For the time being, MACD reacted accordingly and started moving up. It’s currently very close to its signal line.

Finally, RSX’s Relative Strength has turned up and is about to cross over its 20-day exponential moving average.