Australia ETF in Bullish Coil Pattern
Companies / Austrailia Feb 03, 2011 - 12:33 PM GMTNow that we know the category 5 cyclone did not inflict as much damage as expected, the iShares MSCI Australia Index (EWA) has popped to the upside. Let's notice that today's strength has pierced the Nov-Feb resistance line at 25.40 to a new rally peak at 25.60 so far.
The ability of the price structure to remain above the resistance line into today's close, coupled with the corresponding upside "breakout" in my daily RSI (momentum) gauge, supports the underlying technical pattern set-up for a thrust out of the Nov-Feb bullish coil into a powerful new upleg that projects to 27.00-plus.
At this juncture, only a decline that breaks below the Jan 28 pivot low at 24.50 will wreck the current bullish scenario.
Sign up for a free 15-day trial to Mike's ETF & Stock Trading Diary today.
By Mike Paulenoff
Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.
© 2002-2011 MPTrader.com, an AdviceTrade publication. All rights reserved. Any publication, distribution, retransmission or reproduction of information or data contained on this Web site without written consent from MPTrader is prohibited. See our disclaimer.
Mike Paulenoff Archive |
© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.