Deron Wagner | Sep 21, 2012 11:20AM ET
In Thursday’s Wagner Daily stock and ETF trading newsletter, we pointed out the potential trade setup in iShares Emerging Markets Index (EEM). Although listed on our watchlist, the trade did not hit our trigger price for buy entry. However, yesterday’s price action in EEM now makes our reward to risk ratio even more favorable for buy entry because the ETF gapped lower on the open, then reversed to close at its intraday high. This resulted in the formation of a bullish reversal candlestick, which is shown on the daily chart below:
We also mentioned that several other international ETFs were starting to look good. One of those is iShares Philippines (EPHE), which just broke out to a new all-time high and has pulled back to new support of its breakout level. In addition to EEM, we have added EPHE to our watchlist for potential buy entry today. Subscribers should note our exact entry and exit prices for this setup. The weekly chart pattern of EPHE is shown below:
The commentary above is a shortened version of the September 21 issue of The Wagner Daily, our nightly stock and ETF trading newsletter since 2002. Subscribers to the this top-ranked ETF and stock picking service version receive our best ETF and stock swing trade picks with preset entry and exit prices, access to our proven trading strategy with market timing system, and access to our “turn key” technical stock screener software.
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