MSCI Emerging Markets Asia Positioned to Reclaim its 2023 High En Route to a Wider Swing
The iShares MSCI Emerging Markets Asia Index, which includes China, India, Indonesia, South Korea, Malaysia, Taiwan, Thailand, and the Philippines, has recently cleared the ‘neckline’ resistance of an interim bullish reversal in the form of an inverse head and shoulders. With its ability to jump over the 65.78 mark, the index is now positioned to reclaim its 2023 high of 71.63. Note that the 71.63 is actually the key resistance of a mush wider bullish reversal spanning since the start of 2022. While the index may temporarily hit a pause at that level, a possible break above later on may trigger the beginning of a fresh primary bull wave, one that will send it back to its 2021 high of 100.25, giving it possible upside of 51.64%. With flows expected to go back in to the broader region, the same can also be expected to go into the Philippines.
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*Consensus target price or average target price given by the major foreign and local brokers of various stocks on top of index names are available in our Equity Advisor!
