The correction of the stock market will continue today

Yesterday, the first half of the day, the Russian stock market tried to hold the range of 3440-3450 points, consolidation above which opens a technical path to the campaign to historical highs. But it failed. The deterioration of the external background led to increased sales under the curtain of major trading and in the evening session.

Today, the correction will continue: U.S. futures before our opening lose about a quarter of a percent, more than the percentage minus oil is traded.

But there is no particular reason for the decline of Western markets. We can talk about the growth of inflationary risks, which caused an increase in the yields of the US state paper. There are a lot of reasons. But these are all excuses. It's just that there is a normal profit-taking after the next update of historical highs, which we often see. All drawdowns were quickly bought out, and so it will be this time.

In the meantime, on the negative external background we are waiting for the opening in the red. The Moscow Exchange index will go below the intermediate support of 3400 points, but it is not terrible yet. It will be important to keep the mark of 3300 points, as the departure under it will provoke larger sales.

In the meantime, at drawdowns we recommend to build up portfolios first of all, "Norilsk Nickel" and.

Active speculators can try today to make an oil, but with a short foot, because the same at any time can start to buy off their shares.

Oil started yesterday as a pullback from $65 per barrel. Today in the morning for the "barrel" give a little more than 63 dollars. The reason for the withdrawal of technical and fundamental overbought oil was the reports of the expected warming in the United States on Saturday.

The first goal of lowering oil prices will be the area of 60 dollars, but it is likely that it will be punched down and quotes will rush to a fairer mark of 55 dollars per barrel.

The fall in oil is a good reason for the sale of the ruble. Western investors look at ruble assets through the oil sight and may now start withdrawing their funds back to their homeland, fixing profits while it is there.

Part of the Russian currency will be supported by yesterday's rebound in the prices of the FCO. But this is only a rebound, which since the beginning of December of the downtrend we have seen several, but all of them have not led to the suspension of sales of the OFF.

The factor of Friday will also play a role – before the weekend on a bad external background, the desire to hedge ruble positions with the currency will only increase.

Therefore, the dollar-rouble pair today will rush to the resistance of 74.7 and may well test it for strength.