iShares MSCI Malaysia Index Fund (EWM) — This ETF generally follows the price and yield performance of publicly traded securities in the Malaysian market.

EWM fell from more than $13 in January 2008, to almost $6 in October 2008. From October until early April, EWM consolidated in a trading rectangle (box) that broke out on the upside at around $7.50.

On June 4, at $8.78, I said, “Profit-taking could result in an opportunity to buy this emerging markets ETF below $8.50, but long-term buyers may want to take a partial position now and add to it on a correction.”

On July 19, I said, “EWM has traded under $8.50 twice since June 4, and yesterday it broke above $9 on a high-volume breakaway gap. Buy at market with a target of $11 or more.”

Note the high upside volume last week, showing new buyers.

EWM currently pays a dividend of 28 cents a share (2.76% yield) and has a net asset value of $9.95 as of Aug. 7, according to ETFConnect.

My upside trading target is now $11.50 to $12.

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