EWM (Malaysia Index ETF) gapped above the downtrend line to break out today. Personally, I’m passing on going long for now due to the elevated risk for a reversal in the US markets but will continue to monitor EWM for a possible entry & just wanted to pass it along as an unofficial trade idea for those interested with the first two horizontal resistance lines as potential targets.
EWM daily June 20th
Basically, if I thought that the US markets had a good chance of another 10%+ upside from here, I would take this breakout & make EWM an official trade & still might but for now, I’d prefer to see if this post-FOMC rally in the US markets sticks or gets faded in the coming sessions. With that being said, depending on how the charts play out in the near-term, I may revisit EWM as a potential official trade soon.