NZ bucks trend

New Zealand is one of the few markets that is bucking the trend — its agriculture-based economy fairly insulated from the global down-turn. ENZL, the MSCI New Zealand ETF, recovered above its former primary support level at 31.50 after strong bullish divergence on 13-week Twiggs Money Flow. While technically still a bear market, retracement that respects the new support level of 31.50 would confirm a test of 34.

iShares MSCI New Zealand Investable Market Index Fund (ENZL)

One Reply to “NZ bucks trend”

  1. The gap from Aug 3rd to Aug 4th will offer resistance and you can expect a retracement back down to at least the intermediate high of $31.93. The wave count indicates a test of $34.

    The slow Stochostic -60 minute – indicates that the gap will offer resistance and a retracement.

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