The Russian Trading System Index has yet to break down, but it is positively correlated to Brent Crude and the recent breakdown in Brent could foreshadow a breakdown in the Russian Index. The chart shows the index stalling just above its rising 40-week EMA over the last few months. Meanwhile, Brent broke below a wedge trend line and exceeded its September low. The indicator window shows the Correlation Coefficient ($RTSI, $BRENT) in positive territory for most of the last two years. This means Brent and the Russian index tend to move in the same direction. The Russian Index is holding up for now, but chartists should watch the 40-week EMA for signs of a breakdown, especially if crude remains weak.
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