📈 Russian stocks lead European advance

Russian equities are among the best performing stocks in Europe today. The RUS50 index gains almost 1.5% and leads gains across blue chips indices from the Old Continent. Russian index has been supported recently by rising oil prices as it has a significant exposition to the oil market. However, while oil moved lower today, RUS50 continued to advance and reached the highest level since February 20, 2020. Taking a look at the index from a technical point of view, we can see that it has broken above an important resistance zone at 1,500 pts last week. The nearest resistance zone to watch can be found at 1,650 pts and is marked with highs from 2020 and 2013.

RUS50 broke above the 1,500 pts resistance zone last week and has approached the upper limit of the upward channel. Source: xStation5

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