Commodity Stock Markets Remain Strong
11/11/2010 9:55 am EST
Both the iShares MSCI Australia ETF (EWA) and iShares MSCI Canada ETF (EWC) have surpassed their April highs as both were in a choppy trading range for most of the summer. EWA held above the 50% support and then in early September broke out of its trading range and has since rallied up to $26.36. There is resistance from early 2008 in the $29-$30.50 area. EWC was stronger as it held the 38.2% support before breaking out of its broad trading range. The next strong resistance is in the $32-$33 area.
Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.