Russian stocks can try to rebound on positive external background

MOSCOW, Jul 20 (PRIME) -- The Russian stock market can make a growth attempt on Wednesday thanks to an encouraging foreign environment although its medium-term trend is still negative, analysts said.

“The technical picture has not changed, the downward trend going to the area of 1,850–2,000 is the main one. And the area has almost been reached. The market can reverse after consolidating above the 2,170 mark for a couple of sessions in a row,” Director of BCS Broker’s stock market experts department Vasily Karpunin said.

He added that the crude prices are high with the Brent price seen at around U.S. $106–107 per barrel so the ruble is likely to continue strengthening.

Alor Broker analyst Alexei Antonov said that the possibility that the MOEX Russia Index can fall below 2,000 in the medium term is still high, but the market can try to rebound on Wednesday.

Head of PSB Bank’s analysis group Vladimir Solovyov said that the external background looks positive with the key Asian markets and European indices trading higher.

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