Morpheus Trading: After an ugly selloff from last December to late June, Market Vectors Egypt ETF ($EGPT) reversed off the lows on big volume and rallied 20% higher before stalling out around $47.
After nearly a two-month consolidation period that held above the rising 10-week moving average, $EGPT broke above the highs of the range this week on a pick up in volume. The price action also cleared the 40-week moving average (orange line), as shown on the weekly chart below:
If the current breakout holds, the next level of resistance is around $50, and then the $52-$53 area. If this ETF swing trade setup triggers our buy entry in the coming days, we would look to sell into strength and take profits around the $52-$53 level.