Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

Germany ETF in Bullish Digestion Period


Although the iShares MSCI Germany Index ETF (EWG) has experienced a 5-6% decline during the past week, my pattern analysis argues that all of the action off of the Nov 4 high at 24.92 represents a sideways, bullish digestion period. When complete this should resolve in another thrust to the upside that projects to 27.00-plus in a resumption of the larger bull leg off the May 2010 low at 17.97.

The current downleg should end in the 23.00-22.80 area prior to a climb that tests key near-term resistance at 24.40/50. If (when) hurdled, this will point the EWG towards new post March 2009 recovery highs.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!