Stocks: Bearish Break Suggests ST Reversal

The benchmark Russian RTS equity index has made a downside breach through short-term trendline support at 800, at one point trading at 780 on April 29. Having now bounced off a key resistance level at 840 (which we initially highlighted on March 23) for a second time in as many weeks, we believe that the market looks poised for a short-term reversal. In the event of a close below support at 780, we would expect a further sell-off to 730.

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