5. Korea – Ascending the triangles
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.
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Twitter: @Callum_Thomas
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