Wagner notes that although EWD looks good on its monthly chart, “it still needs to breakout in order to generate a buy entry.”

Earlier this month, EWD crossed above its 50-day moving average after a brief dip below that line. The ETF resides 1.6% above its 50-day moving average and nearly 6% above its 200-day line. EWD is also a decent yield play with a  trailing 12-month yield of 3.63%, according to iShares data.

iShares MSCI Sweden ETF

ETF Trends editorial team contributed to this article.