The Russian stock market continues to rally. Over the past three trading sessions MICEX index gained more than a hundred points (an increase of more than 10%). The turnover on the MICEX index in the last week of July was 15% higher than the average value in the previous week of July. Growth is observed on shares of various industry sector and is not limited to the blue chips. Growing as a second-tier stocks. Index RTS2 for the period from mid-July increased by ~ 13.5%.
However, the portfolio of short-term speculators, trading on the horizon week, is now heavily overburdened. Plus, the gap remained outstanding yesterday. Speculators needed breathing space. While potentially the MICEX index could run up to the first technical objective - 1106 p. (23% case Fibonacci extension).
If the inflow of new money would be significant (yesterday's turnover on the MICEX is the proof), then it is possible that short-term technical reboot portfolios will not have a significant impact on the overall mood of the participants. Otfiksiruemsya and go further. In this case, the market has a chance without any problems to get to a repetition of the June peak. Thus, the first tactical challenge - the level of 1230 section on the MICEX index. And they look.
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