Hedge funds have given up on Russia over the last few months, largely due to concerns over oil prices and heightened tension with the U.S. that may bring about extra-territorial sanctions on Russian companies. According to foreign exchange futures contracts opened by non-commercial entities, as in investment firms, the hedgies have been shorting the Russian ruble over the last week ending June 27. Short positions nearly doubled in a one week period, based on the futures trading data from the Commodities and Futures Trading Commission. Momentum collapsed and the relative strength index on the VanEck Russia (RSX) fund fell below 30, indicating that the ETF was in oversold territory. According to estimates based on the data, Renaissance Capital estimates that foreign investors pulled $83 million out of the Russian stock market in five days.

Source: Forbes July 05, 2017 12:33 UTC