Hong Kong ETF (EWH) remains bullish

The technicals remain bullish on the iShares MSCI Hong Kong Index Fund ETF (EWH).

EWH confirmed a 2-year bottoming pattern on the rally above 20.35-20.00 that favors upside to 25, but holding last week's breakout above the 23.14-22.50 area puts in a potential 2022 into 2026 big base that suggests even further upside to early 2021 peaks at 27.90-28.17 and then to the pattern count at 30.00.

Rising 13-, 26-, and 40-week moving averages from 22.33 down to 21.11 reinforce these bullish breakouts for EWH.

EWH is building a 2-year bottom relative to the S&P 500.

Chart 1: iShares MSCI Hong Kong Index Fund ETF (EWH)