EWT psar bull signal

The Taiwan shares exchange-traded fund (EWT) is showing a psar bull signal, after four days of a bear signal, and 10 days of a bull signal before that.

I think it qualifies as a whipsaw. The signal is coming as the price trades narrowly at the top of resistance set on Feb. 18.

You are here:

• Resistance
• $13.46, 10.8%
• $12.31, 1.3%
• $12.20, 0.4%
• Now $12.15
• Support
• $11.67,  -4%
• $11.53, -5.1%
• $11.24, -7.5%

So tough going up to $12.31, and then clear sailing for awhile.

Overall the price traced a major downtrend from Jan. 6 to Feb. 5 and can be interpreted as either sideways, or a high, a higher low and a potential higher high.

The macd has been in bull territory since Feb. 16, the pps showed a bull signal on March 1, and the so has moved into overbought territory. The mfi is in the neutral zone.

I would want to see a breakout past $12.31 before entering a directional trade on the bull side. A stall at this level could set up a nice iron condor runnin $13 to $11 for the zone of maximum profit.

Abbreviations:
pps - Person's Proprietary Signal
ma20 - 20-day moving average
macd - Moving Average Convergence-Divergence
mfi - Money Flow Index
sto - Fast Stochastic