Arriba, Mexico En Fuego EWW
The MSCI Mexico Investable Market Index Fund, symbol EWW has been moving up in relative strength of late. It has managed to move itself into the top 20 ETF’s on this basis.
Impressive, as it continues to make all time highs since it’s inception over 10 years ago. See chart below.
While relative strength is a great tool on it’s own merit, I like to look at other technical indicators to support a bullish opinion. Notice in the chart, the large head & shoulder bottom (upside down head & shoulder top), it’s marked by the 3 large arc’s. The head is marked by the lowest arc. Then look to the right shoulder to see another smaller head & shoulder bottom (inside right shoulder).
Both have broken their necklines to the upside, a very bullish pattern for both at this time!
Two nested head & shoulders, great relative strength, new all time highs, usually a winning team.
For more on head & shoulder bottoms http://tinyurl.com/8soz5ao
You can read more here about the fund here http://tinyurl.com/c2zekqp
Thanks for the visit,