Price Targets for FTSE ETF Are Clear
10/20/2009 12:01 am EST
Vanguard FTSE All-World ex-US ETF (VEU) - This exchange traded fund (ETF) seeks to track the performance of the FTSE All-World ex-US Index, which is made up of approximately 2,200 stocks of companies located in 46 countries.
On August 25, at $41.42, I said, "Sometimes we see a chart that technically seems to have it all, and this is one. Note the very bullish cup-and-handle, followed by a gold cross, which is executed at the beginning of a bull channel and accompanied by very high buying volume.
"The stochastic just issued a buy signal, so it is possible for VEU to break above the bull channel with a target of $54."
And on September 25, "The stock has not broken the bull channel and now appears to be pulling back. The first line of support is below yesterday's low at around $42, and then at the bullish support line at around $40.50."
Well, it hit $41.20, and is now trading above $45, so I hope that you bought some, because my target remains $54.
By Sam Collins of OptionsZone.com