Russia Stock Rally May Be Over, Technical Indicator Shows: Chart

Russia’s oil-fueled equities rally pushed the Micex to a record high last week as the stock benchmark’s 14-day relative strength index soared above 70 into overbought territory. On Friday, the Micex fell the most in five weeks, and the RSI dipped below that demarcation in what technical analysts consider a classic sell signal. To see why, look at the losses incurred after the last two times that happened.