5.  Korea – Ascending the trianglesÂ
South Korea ETF (NYSEARCA:EWY) saw an upside breakout of a large ascending triangle on the weekly chart in 2016.
Subsequently the breakout failed and what appears to be yet another ascending triangle is forming.
We’re left with 2 key trend lines: 1. Resistance of 58, and 2. Support of the upward sloping trend line in place from mid 2015. With the 50 and 200 day moving averages showing bullish trend signals, a bullish bias is warranted.
Overall technical view: Bullish, 58 is the long side trigger, 54 the short side.
Thanks for reading.
Twitter:Â Â @Callum_Thomas
Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
