I dreamt of Africa two days ago and it was blurry one that I cannot recalled the content. But the word stuck with me - Africa. I have neither any friends nor business dealings with Africa so I find it perplexed and confused why it comes to my dream.
A quick look at the weekly chart of this ETF shows me it is not the ripe time to buy. It is still in a downward...
Africa ETF $AFK testing multiyear downtrend with an inverted head and shoulders pattern. Testing the 72/89 EMA cloud. Breakout to the upside would likely go at least 15% up.
A rather unique ETF tracking companies based in Africa -not just South Africa.
The region has been hurt in the whole emerging turmoil and is clearly in a bear trend.
If the index goes further down and hits support level, this will be a very interesting buy for the long-run, especially considering the interest and investment the continent attracts.
