Apr 25

Upside Reversal for Japan ETF

With less than 1 hour remaining in today's session, the iShares MCSI Japan Index (AMEX: EWJ) is set up for a key upside reversal day, which after exactly one month of downside action and amidst a glaring positive momentum (RSI) divergence should represent a pivot low -- and the start of a potent rally period. Only a failure to continue higher followed by a decline that breaks 14.30 will wreck the developing constructive pattern.
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Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!