The BRIC ETF (BKF) has a large double top working over the last 6-9 months. With the April-May decline, the ETF broke support from the February low to confirm this pattern. Based on traditional technical analysis, the projected decline is to the low 30s. The height of the pattern is subtracted from the support break.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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