The VanEck Russia ETF (RSX) Retreats, Watch This Trade Level

The popular VanEck Russia ETF (RSX) has been steadily declining since late October and remains weak again today. The popular ETF topped out on October 26th, 2021 at $33.39 a share. Many traders will use VanEck Russia ETF (RSX) as a way to play oil and gas since Russia is a large energy exporter. Currently, the VanEck Russia ETF (RSX) is trading at $28.89 a share. This is just above the important 200-day moving average which was just tested yesterday. Either way, the VanEck Russia ETF (RSX) is in a weak technical position on the charts and further downside is likely. 

The next major chart support for the VanEck Russia ETF (RSX) is around the $26.00 area. This is where the ETF broke out of a long sideways base in early May 2021. Often, when prior breakout levels are retested they will serve as excellent support. There is also a major retrace level just below this area that will serve as further strength for this support level. I will be looking at a potential long side trade around this key area.  

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