Russian stocks may open flat amid weak oil price dynamics
MOSCOW, Nov 10 (PRIME) -- Russian stocks may open neutrally on Tuesday on the back of weak oil price dynamics ahead of the U.S. oil reserves data release and amid neutral foreign background, analysts said.
“We expect the Russian stock market to open neutrally at the level of 1,750–1,755 at the MICEX index,” Oleg Shagov, head of the research department at investment company Solid, said. The support zone is 1,740–1,750, he said.
The influence of the key factors that significantly affect the Russian financial market is close to neutral at the start of the day, Shagov said. Brent oil futures are fluctuating at around U.S. $47.4 per barrel on expectations of the U.S. oil reserves statistics data release.
The U.S. stock index futures are edging up partially winning back losses of the previous day, while main Asian stock indicators are not showing single dynamics, Shagov said.
“Technical analysis shows a possibility of the RTS index’ consolidation at around 850 for some time,” Olma senior analyst Anton Startsev said.
The foreign background looks indefinite, trading activity is under the pressure of risks connected with expectations of the U.S. Federal Reserve tightening its monetary policy, the analyst said.
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