“A 15 percent decline in the fund’s price through Friday pushed its 14-day relative strength index, a velocity measure used by technical analysts to determine whether an equity is oversold, below 30. Such a low RSI reading tend not to last very long, and that gauge crossing above 30 from below, as it did with the Russia ETF, is considered a bullish signal,” reports Elena Popina for Bloomberg.

Economic bservers 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. Russia’s GDP is expected to contract again this year, extending what is becoming a lengthy recession.

Market Vectors Russia ETF