A number of the country ETFs have already broken down strong (EWP, EWG, EWI, EWJ, EWQ, EWS) or alternatively have held relatively stronger (EWC, EWM, ECH, EPU,) than their competitors.
iShares MSCI Singapore Index Fund ETF is in between, having shown weakness, but now in a position for further downside with a reasonable entry area.
EWS has recently corrected back towards resistance of its downtrend line and 50 period exponential moving average (ema). It closed Friday below its 200ema and has formed a bearish flag pattern. A move below Friday’s low of $10.81 would signal a move out of the flag.
Subsequently, if EWS can break recent support of $10.37 - $10.47 then the next support level of significance is between $9.58 to $9.62, a confluence of the 38.2% and 50% Fibonacci retracement levels of the long-term and medium term trend, respectively. The odds favor such a move.
LT trend: 5.18 low, 12.36 high = 7.18 diff., 38.2% retracement = 9.62
Medium trend: 6.79 low, 12.36 high = 5.57 diff., 50% retracement = 9.58
Disclosure: no current positions