South Africa doesn’t get much attention when it comes to discussing the markets. However, there appears to be an interesting setup taking place within the iShares South Africa ETF ($EZA). This is the topic of my TraderPlanet piece for this week:
Below is a chart of EZA that shows the slide from its January high. South Africa has trailed the rest of emerging markets until it hit a low in June and began to rise. As price advances and attempts to break out from its six month down trend, it has hit resistance. As the chart shows we have a falling trend line that connects the January ’13 and May ’13 highs. We also have the 50% retracement of the downtrend sitting at $61.82. Both of these forms of resist intersect where price happens to be right now.
Source: Interesting Set-Up: iShares South Africa ETF (TraderPlanet)
Disclaimer: Do not construe anything written in this post or this blog in its entirety as a recommendation, research, or an offer to buy or sell any securities. Everything in this post is meant for educational and entertainment purposes only. I or my affiliates may hold positions in securities mentioned in the blog. Please see my Disclosure page for full disclaimer. Connect with Andrew on Google+, Twitter, and StockTwits.
