Russian Stocks Breach Overbought Level After 39% Rally: Chart

A 39 percent rally in Russia’s dollar-denominated RTS Index since late-January has pushed its 14-day relative strength index above 70, which indicates that the stocks are in an overbought zone. When it last approached that level, a decline of about 30 percent followed. The index might fall to as low as 750 from a current level of 873.80, according to analysts at BCS Financial Group, who advised clients to refrain from chasing the rally, with the exception of select companies including Severstal PJSC and Novolipetsk Steel OJSC.

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