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The Market Vectors Vietnam ETF (VNM) has been in a basing pattern since February 24th of this year. VNM has been selling off for the past two days and appears likely to test the swing low of $19.08 formed on March 24th. Ideally, we would like to see a reversal candle form on an undercut of this key mark. Alternatively, VNM could stabilize at the current level and reclaim the 20-day EMA. Regardless, a move above the three day high of $20.14 could present a buying opportunity in this ETF.

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