For today's chart we've chosen to take a look at the iShares MSCI South Africa Index
) because it is testing the support of a long-term trendline
. As you can see from the chart below, the sloping support level has prevented the bears from pushing the ETF
lower in the past and there is no reason to believe that this story will change now. We believe that this ETF may experience added buying pressure from investors looking to diversify their holdings beyond the U.S markets. I'll maintain a bullish outlook on EZA until it closes below $110.