“The longer-term weekly chart of $ECON shows the sharp rally off the lows that led to a move to new 52-week highs just five weeks ago. Since there is very little resistance above, a close above $29 on the weekly chart could spark a strong rally,” added Wagner.
ECON’s 2013 bullishness has been fueled in large part by its 18.8% weight to South Africa, which includes an almost 10% allocation media conglomerate Naspers. Shares of Naspers have surged this year because the company owns a stake in Chinese Internet firm Alibaba, which could deliver one of the most anticipated IPOs in recent memory in the coming months. [China Internet ETF May not Need Alibaba]
China, Mexico, Brazil and Chile round out ECON’s top-five country weights, combining for almost 56% of the ETF’s weight.
EGShares Emerging Markets Consumer ETF
