Russian stocks can show negative dynamics on unfavorable backdrop

MOSCOW, Sep 20 (PRIME) -- The Russian stock market can continue its downward dynamics amid a negative foreign background on Wednesday as the market’s growth potential has exhausted, analysts said.

“The Russian stock market has demonstrated weakness since September 5. Speculative 50% growth on inactive market since the middle of February looks exhausted,” BitRiver financial analyst Vladislav Antonov said.

“The key support level is located between 3015 and 3020, and if it is broken through, closure of long marginal position can trigger a fall to the area of 2,850,” he added.

Antonov also said that the Brent oil price has fallen below U.S. $94 per barrel in the morning, and crude’s further dynamics will depend on the results of the U.S. Federal Reserve’s meeting and the regulator’s rhetoric.

Cifra Broker analysts said that the external background is negative with the main Asian markets losing up to 0.6%.

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