The BRIC (Brazil, Russia, India, China) markets completely fell apart during the downturn in commodities and global manufacturing over the last two years.  But 2016 has been a different story.  The first few weeks of the year saw continued pain, but once lows were put in, equities in all four BRIC countries staged massive rallies.

Below we take a look at short and long-term price charts for Russia’s Russian Trading System equity index in dollars.  (Here are posts on China, Brazil, and India.)

From its low on January 20th, Russia’s stock market has gained 45%.  Over the last few days, we’ve seen a solid breakout to 9-month highs.

Looking at the five-year chart, Russia’s stock market remains stuck in a long-term downtrend channel, but the short-term strength suggests to us that there is likely enough momentum for an eventual breakout from this downtrend.

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