RSX, the Commodity and Oil Based Russian Country ETF is Poised for Upside Acceleration

Let's notice that last week the VanEck Vectors Russia ETF (RSX) price structure popped its head above its major resistance line from April 2011, which cuts across the price axis at 17.30, and suggests strongly that RSX is positioning itself for upside acceleration and continuation towards a test of the prior significant rally peak at 20.84 (May 2015).

Weekly momentum is confirming the positive set-up.

As long as the RSX holds above the 5-year resistance line at 17.30, RSX should be considered within the grasp of an intermediate-term recovery rally period.

As an aside, if the RSX does follow a bullish-recovery scenario, then probably it is also implying stable to higher oil prices as well.