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

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.

0