Next boot up for iShares MSCI Italy Index!

iShares MSCI Italy Index (EWI:NYSEArca) is approaching the breakout line. Here is the monthly candle chart.

ewi_m 

The 5 year weekly candle chart shows the price action trending towards the descending resistance trend line. I prefer horizontal line breakouts, so my alert is set at 18.

ewi_w

Zoom in on the 1 year daily candle chart. Recent bounce off the ascending support trend line. Right now in no man’s land.

ewi_d

Two steps needed to confirm breakout and measured move to the 23 target:

1- Break of the descending trend line.

2- Monthly candle close above the 18 mark.

Easy right? Patience will be the hardest part…

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