Bullish On EWJ (Japan ETF)
EWJ (Japan Country Fund ETF)-- At the beginning of January 2023, I identified two foreign country fund ETFs (EWJ-- Japan, and EWW-- Mexico) that exhibited powerful intermediate-term technical setups that indicated much higher prices in the months ahead.
I first posted my outlook for EWJ on January 9, 2023, when EWJ was trading around 55.24. My attached Daily Chart shows the huge multi-month base-accumulation pattern that is putting upward pressure on key resistance from 58.20 to 59.10 which continues to put a lid on rally efforts to thrust out of the impressive base formation, triggering significant upside potential.
When I heard that Warren Buffett is in Japan now, and has increased his stake in five Japanese trading companies (Mitsubishi, Mitsui, Itochu, Marubeni, and Sumitomo) my ears perked up because I am looking for bullish catalysts to trigger upside continuation and acceleration in EWJ based on its powerful technical setup.
As is the case with OXY, it never hurts to have Warren playing around in your sandbox.
That said, as long as any forthcoming weakness is contained above 55.75, my work will remain bullish-to-very-bullish in EWJ... Last is 57.78...