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Chart Analysis: Singapore ETF, EWS

Jan. 08, 2011 1:39 PM ETEWS
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The iShares MSCI Singapore Index Fund ETF (EWS) has been in range for the past two and half months are so and may be close to another move. A small tight consolidation pattern has formed over the past week after a previous 1-week rally. Resistance $13.99/14.00 has been hit several times recently and held so far. This level was also hit back in mid-October 2010.

EWS Daily Chart

Short term moving averages have now crossed up through the longer term moving averages.

A move through $14.00 on good volume could see a continuation to the upside as EWS attempts to break above resistance of $14.56, the high hit in early November 2010. (etf-portfolios.com)

Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in EWS over the next 72 hours.

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