The technical picture speaks in favor of continuing the correction in our market

Bogdan Zvarich, <url> 26 September 2023 12:54

The mood on the world markets on Tuesday morning can be described as negative. They continue to be pressured by the expectation of a possible further tightening of monetary policy in the United States, which encourages investors to reduce the volume of risky assets in portfolios. So, in Asia, the leading sites are declining within 1.1%. The exception is the Indian market, consolidating at the levels of the previous close. Futures on major US indices, after a slight corrective rise on Monday, are losing up to 0.4% this morning. The nearest futures for Brent crude oil retreats by 0.4%, trading around $91.5 per barrel. Of the macroeconomic events that can affect investor sentiment today, we will highlight the publication of data on the consumer confidence index, sales of new buildings and construction permits issued in the United States.

By the end of Monday, the Moscow Stock Exchange index fell by 0.1%, ending the session around 3045 points. Today, at the start of trading, we expect a moderate predominance of sales in Russian stocks, which is facilitated by the deterioration of the external background. At the same time, the technical picture speaks in favor of continuing the corrective decline. The signal for a possible resumption of growth may be a breakdown of the level of 3075 points, which currently acts as the closest resistance for the market.

On the currency section of the Moscow Exchange, the main world currencies are consolidated against the ruble. So, by 8.50 Moscow time, the change in quotations of the dollar, euro and yuan does not exceed 0.1%, as a result of which they are trading around 96.2, 101.9 and 13.16 rubles, respectively. During the session, we expect an increase in pressure on the ruble against the background of a decrease in the supply of foreign currency from exporters due to the passage of the peak of tax payments. An additional factor may be the deterioration of the situation in oil prices. As a result, at the end of the day, the national currency may show a weakening, as a result of which the dollar / ruble pair will try to rise to the area of 96.5 – 97 rubles.

Bogdan Zvarich, Chief Analyst of the financial marketplace <url>

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