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Since mid April, the Market Vectors Vietnam ETF (VNM) has been setting a sequence of higher lows, as it has consolidated along its 20-day EMA. This is an excellent exhibition of relative strength since most ETFs have lost support of both their 20-day and 50-day moving averages during the most recent bout of selling. If the market posts a buy signal and VNM is able to maintain support at the 20-day EMA, it could offer a buying opportunity on a move above resistance near $21.30.

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