“Drilling down to the weekly time frame, EWA has formed a tight, 8-week base above the rising 10-week moving average, with two of those weeks forming bullish reversal candles,” added Wagner. With both weekly reversal candle lows at $26, EWA shouldn’t dip much below this level if the pattern is to follow through to the upside within the next few weeks.”
The $2 billion EWA allocates 51.2% of its weight to the financial services sector and another 17.3% to the materials sector. Those are the only two sectors that command double-digit weights in the ETF.
iShares MSCI Australia ETF
ETF Trends editorial team contributed to this post. Tom Lydon’s clients own shares of IWM.