ECH ISHARES MSCI CHILE CAPPED ETF TECHNICAL ANALYSIS- MAY, 19, 2016

ECH ISHARES MSCI CHILE CAPPED ETF 19/05/2016

 

  • Chile ETF ECH has broken the uptrend that started in January.
  • In our commentary in May the 2nd we noted that there was a lot of overhead resistance between 38 and 40 level.
  • After forming an inside bar in the weekly chart at the top of the descending channel it broke to the downside confirming our bearish bias.

 

ECH ETF (Weekly).

ECH 170516

 

  • Down to our daily chart we can see that there is a zone of support around the 35 level.
  • This could cause a potential rebound before finally breaking to the downside.
  • If this is the case we think the ECH could move to the 32 level.

 

ECH ETF (Daily).

ECH 170516 2

 

Analyst: Victor Campos, CFA.

Source: LATAMPM with Tradingview.com data. Prices as of May, 17, 2016.

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