RUSSIA MICEX INDEX

One would think after sanctions and geopolitical tension Russian equities would experience sharp corrections or at least minor pullback. Chart suggests the opposite. Russian equities are gaining strength and MICEX index is now challenging year-long resistance at 1,530 levels. MICEX Index is cap-weighted composite index calculated based on prices of the 50 most liquid Russian stocks of the largest and dynamically developing Russian issuers presented on the Moscow Exchange. MICEX Index was launched on September 22, 1997 at base value 100. The MICEX Index is calculated in real-time and denominated by Moscow Exchange in Russian rubles. Breakout above 1,530 levels will clear the trend channel and horizontal resistance. Such price action will be positive in the medium/long-term.

And NOVATEK – an energy company with $27 billion market cap is trying to breakout from a 3 year-long sideways consolidation to all-time high levels… Both charts are extremely constructive.