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Bullish on the Bear: Russian ETFs are Busting Out

Every night, ETF Stocks scans all ETFs looking for house specific technical analysis buy and sell signals. We are particularly encouraged when similar themes clump together simultaneously with buy/sell set ups.

We see that today with Russian ETFs. Both SPDR S&P Russia (RBL) and Market Vectors Russia ETF (RSX) have busted to new highs. As Investors Business Daily’s William O’Neil famously said, “new highs are typically followed by more new highs.” Translation: buy it now and you’ll make money because it’s going higher.

Chart traders should love the fact that both have recently passed by multiple tops. RBL is running free and clear as it has no overhead technical debris to navigate. (see chart below) RSX has about another 10% left to gain before hitting a technical wall built in March 2008. (see chart 2)

SPDR S&P Russia (RBL)

Market Vectors Russia ETF (RSX)

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