Looking ahead, observers are remain cautious over the market outlook. While President Vladimir Putin and other Russian politicians argue that the worst is over, the economy is expected to remain in a recession for the year.

“The charts of several key publicly traded assets suggest that increased volatility and falling stock prices could keep Russia in the headlines in 2016. Based on the patterns discussed above, bullish traders who are looking for exposure to this dynamic country may want to remain on the sidelines until the prices can close above their identified resistance levels,” adds Investopedia.

Market Vectors Russia ETF