EWY: South Korea Stocks Stumble Post-Election, Eyeing Downside Targets
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The iShares MSCI South Korea ETF (EWY) is facing bearish sentiment due to geopolitical tensions and a strong US Dollar. Despite its attractive valuation, EWY's significant exposure to Samsung Electronics and SK hynix, along with a high concentration in IT, increases its risk. Technical analysis shows bearish momentum with key support levels at $55 and $47-$48, indicating potential buying opportunities.
November 15, 2024 | 8:00 am
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The iShares MSCI South Korea ETF (EWY) is experiencing bearish sentiment due to geopolitical tensions and a strong US Dollar. Its exposure to Samsung Electronics and SK hynix, and high IT concentration, add to its risk profile. Technical analysis suggests bearish momentum with support levels at $55 and $47-$48.
The ETF is directly impacted by geopolitical tensions and currency strength, which are contributing to a bearish outlook. Its significant exposure to major South Korean tech companies and IT sector concentration increases its vulnerability. Technical analysis supports a bearish trend, with identified support levels indicating where investors might consider buying.
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