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In the August 10 issue of The Wagner Daily, we pointed out the relative strength (daily chart) and potential breakout to a new all-time high (weekly chart) in iShares Mexico Index ($EWW). Over the next two days that followed, EWW drifted lower, then “undercut” near-term support of its 20-day exponential moving average yesterday morning (August 15), but rallied to settle 0.9% higher by the closing bell. This resulted in the formation of a bullish reversal candle that coincided with an “undercut” of an obvious level of support. These, as we frequently discuss, are the best types of pullback entries because the “undercuts” of support absorb overhead supply that enable the ETF to more easily move higher. Now, the ETF is just 21 cents below our trigger price for partial swing trade buy entry (above the high of August 13).

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