ISHARES MSCI Japan (AMEX: EWJ) Still Not a Good Bet
Seeking Alpha Analyst Since 2009
April 14, 2011
Shares of the ISHARES MSCI Japan (AMEX: EWJ) have taken it on the chin after the triple hit of earthquake, tsunami and nuclear crisis het their stock market.
Amazingly, ISHARES Japan is only down 11.3% at the close on Wednesday, April 13.
But at the emotional selloff lows, ISHARES Japan was off almost 18% and that selloff is still having an effect on Japanese stocks.
The selling may not be over and those crisis lows could still be tested in coming weeks. We see support at about $9.25 and that level is likely to be tested.
If ISHARES Japan can rebound after a test of the lows, there is potential for gain. If ISHARES Japan closes below this level, look for another leg down and considerably lows.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy does not hold a position in ISHARES Japan.
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