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August 11, 2005
Rising Sun
Despite a sharp decline in US stocks over the last few days, the iShares Japan ETF (EWJ) has risen sharply and is challenging resistance at 11. The pattern at work looks like a sharp advance and triangle consolidation. This can also be interpreted as a pennant, which is a bullish continuation pattern. There is a lot of support at 9.8-10 and a move above 11 opens to door to a multi-month advance. A failure and move below 9.8 would be bearish.
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Posted by Arthur B. Hill at August 11, 2005 08:45 AM