The interest in the Russian market at the current levels a little tempered. The players aren’t sure what “worth it”. Namely candlestick analysis indicates the likelihood of a correction because in the first three last days on the chart of the MICEX index has formed the combination “evening star”, and established it was exactly the 61.8% retracement level of growth 1774,56-2293,99 points.
Yesterday, the index stayed near the bottom of its trend on the rise from August 18, which passes through the level of 2085 points.
Also worth noting is the presence of small discrepancies between the price chart and oscillators MACD and RSI, if you look at the growth since September 13. If the index breaks below the level of 2085 points, it is possible to return to the area 2045-2050 points – district of local minima from 14 to 25 September.
However, while oil prices are part of a growing trend, a major correction in our market is not worth waiting.
According to the results of yesterday’s prices on “black gold” ‘ve recovered nicely: Brent has returned to the level 56,80$ per ounce. Technically, oil prices have not yet reached beyond the local trend of a fall in which are starting from September 26. To return to the growth scenario they need to gain a foothold above the level of 57$ per barrel, only in this case, possible secondary cast of quotes in the range of 59-59,$ 50 a barrel.
Yesterday, the quotations went on to increase after the statements of Saudi Arabia’s intention to cut oil exports next month, as well as on expectations of lower inventories in the United States.
However the reserves data from the US Department of energy will be published only tomorrow, due to a holiday Monday in the States. According to forecasts is expected to decrease oil reserves by 750 million barrels and inventories of distillates of 2 million barrels. Gasoline inventories expected to remain unchanged.
Today the speculators appear monthly review of the oil market from OPEC and the US Department of energy will release its monthly short-term oil and gas forecasts, it will publish its statistics on the reserves of the American petroleum Institute (API).
Anastasia Ignatenko, a leading analyst GK Teletrade