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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