Frontier-market stocks fell broadly on Thursday as a stronger dollar sent commodities prices down sharply. Gold slid below key support of $1,200 an ounce. Silver fell 1.2 percent at $14.54 an ounce. Platinum lost 0.7 percent at $790.49 per ounce. The iShares MSCI Frontier 100 ETF (FM) dropped 2.93 percent to 27.52, down nearly 17 percent YTD while the S&P gained 8.5 percent over the same period. Now the question is whether this week selloff is a beginning of an end or there’re more pains ahead? Below is an update look at a trade in FM.
The graphic below is from our “U.S. Market Trading Map”, show the near-term technical bias and trading ranges. As shown, the underlying is in a short-term bullish trend when the price bars are painted in green. The underlying is in a short-term bearish trend when the price bars are painted in red.
Chart 1.1 – iShares MSCI Frontier 100 ETF (weekly)
Our “U.S. Market Trading Map” painted FM bars in red (sell) – see area ‘A’ in the chart. The first dominant feature on the chart is the rising trend starting in early 2016. The second dominant feature of the chart is the downward trend since late 2017. Over the past few weeks, FM has been trending lower after the July counter-trend rally found resistance…Click here to read more.
You see, our trend-following system is very unique as it attempts to pick turns before others see them. Timing is everything and if you’ve applied our system correctly, you should have made a killing in any markets.
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