“The breakout is clear. There is more demand than supply, causing prices to breakout. We like that. We also see a logical level (16.00) where buyers should step in if there is any pull back in prices. And if they don’t, we’re out of the trade. It’s as simple as that. We’re long RSX above 16.00. Below 16.00, we’re out,” according to a Seeking Alpha analysis of RSX.

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.

The $2 billion RSX is home to some of the emerging world’s least expensive stocks as highlighted by the ETF’s price-to-earnings ratio of just over seven and a price-to-book ratio below one, according to issuer data.

Market Vectors Russia ETF