RSX ends the day indecisive
VanEck Vectors Russia ETF (RSX) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
RSX finished the month 0.63% higher at 20.75 after losing $0.42 (-1.98%) today. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (RSX as at Jun 30, 2020):
Tuesday's trading range has been $0.23 (1.1%), that's far below the last trading month's daily average range of $0.38. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for RSX.
The ETF shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
As prices are trading close to June's low at 20.34, downside momentum could speed up should the market mark new lows for the month.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Down" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for RSX. Out of 339 times, RSX closed higher 51.92% of the time on the next trading day after the market condition occurred.