Russian stocks can fall on news about tougher US sanctions
MOSCOW, Jul 25 (PRIME) -- The stock market will likely decline at the start of the trading session on Wednesday on the news that the U.S. discusses tougher sanctions against Russia, analysts said.
УThe external background at the start of trade is seen as moderately favorable but it is insufficient to diagnose a final recovery of an RTS upward trend (according to the technical analysis data, directional movement indicators reflect just weakening of a short-term downward trend),Ф Olma senior analyst Anton Startsev said.
Finam analyst Sergei Drozdov said that information that U.S. senators of the Republicans and the Democrats are developing legislation increasing sanctions pressure on Russia, including state debt, will be a negative factor for the Russian market.
Vitaly Manzhos, senior risk manager at investment company Nord Capital, said that the sanctions news will dwarf the importance of a recent oil price growth for the market.
Drozdov said that the MICEX support level is 2,255 and 2,223, and the resistance level is 2,290 and 2,300. The RTS support level is 1,115 and the resistance ones are 1,140 and 1,160.