MICEX index back to the “neckline”

Today, trading on the Russian sites were opened in a neutral, and then began to decline. Negative dynamics is still up to the middle of the trading session, helped by correcting decline futures on U.S. indexes and oil prices, as well as the negative opening of European sites. As leaders of reducing Mosenergo and Sberbank, losing more than 1%. Traded in plus OGK-5 (1,9%) and Polyus Gold (0.6%). By 13.30 the MICEX index lost 0,64%, dropping to a level of 1421.8 points.

attempt to “Bulls” at the opening to start a new wave of growth was unsuccessful. “Bears” on the background of the negative opening of European markets and lower oil futures and the U.S. indices, were able to expand the market and get him to the level of 1423 points, which is a “line of the neck” in the model upside down “head - his shoulders.” In the future they will try to break this level and consolidate under him, that cancels the bottom-up scenario, the aim of which could be a level of 1,485 points. In the current situation can be expected “cooling” of trading activity in anticipation of output statistics. Both commodity groups will be waiting for support from the data and prefer to take a break before their exit. Given the low probability of change in rates by the Bank of England and the ECB, the player to focus on statistics on initial applications for unemployment benefits (initial Claims, expected 455 thousand, the previous value of 470 thousand), which will be published at 16.30, and the index of industrial orders ( Factory Order, expected 0.5%, the previous value of 1.1%), which will be released at 18.00 Moscow time.

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