novvoll12
Short

EWH bearish – Potential to test August’s 17.57 low

AMEX:EWH   ISHARES MSCI HONG KONG ETF
ewh
3 0 0
ewh
EWH             19.35 bearish – Potential to test August’s 17.57 low

EWH             has been consolidating within the wide range between August’s 17.57 low (August 24, 2015) and the recovery high at 20.15 (September 14, 2015). Given the strong bearish momentum, there is potential to see a test of the 17.57 low near 61.8% of the 13.30/24.65 (October 2011 low/May 25, 2015 record high) rise and the 7-year rising trendline (from November 17, 2008 low). A breakdown there would accelerate the sharp fall from May’s 24.65 record high towards 15.99 (76.4% of the 13.30/24.65 rise) ahead of the 15.48 higher low (May 4, 2012).
The 20.15/19.82 resistance zone (September 14 high, 2015/December 15, 2014 low) should cap bounces. Bulls must reclaim the area to stabilize the structure and improve the outlook for 21.32 (August 17, 2015 high).

Outlook:
Daily: bearish
Weekly: neutral