Mexico is Why Obama is Focusing on Immigration Now

• Posted by Greg Harmon
• on June 12th, 2013

So our President has chosen to discuss the importance of immigration a midst all of the controversy in Washington. I cannot fault him for that. Our neighbor to the south, Mexico, is looking strong, according to Carlos Slim, who needs Mexico to be strong. But the when you look at the chart for the Mexico iShares ETF, $EWW, it has been falling for weeks. It seems a little good press might be well timed to help it bounce.

Mexico iShares ETF, $EWW

This weekly chart broke above trend resistance in September, retested and held in November and is now retesting again after a much bigger move higher. A hold here again could pull in many longs as the Inverse Head and Shoulders price objective at 104 looms large above. The prior resistance, now support is also important to the shorts as the Relative Strength Index (RSI) is moving into bearish territory and the Moving Average Convergence Divergence indicator (MACD) is running lower. A break through signals there is more downside and next support around the 100 week Simple Moving Average (SMA) at 62.15 followed by 58.25. So it is a matter of national pride and Obama is right to focus on this now.

Join the Dragonfly Capital Views Premium Membership

Want to learn more about Dragonfly Capital Views?Dragonfly Capital Views Performance Through May 2013 Expiry and sign up here.

If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

blog comments powered by Disqus