The iShares MSCI South Korea ETF ($EWY) recently cleared resistance of a "dirty" downtrend line, and has closed above the 50-day moving average in each of the past two sessions. We call it a dirty downtrend line because the trendline may not be drawn by the book, but we prefer to use what makes sense.

On the chart below, for example, notice the trendline provided resistance on several touches except for one, which was a one day close above the trendline on 11/29:



As always, it is important to look for confirmation on multiple time frames when analyzing a potential trade. With $EWY, the long-term monthly chart below shows that a breakout above the October 2013 high would also coincide with a break of the monthly downtrend line:



If $EWY can clear the $65 level, we could see a rally to the highs of 2008 (around $75).

Since $EWY is confirming a trend reversal on multiple timeframes, we are placing this ETF swing trade setup on today's watchlist. Regular subscribers to The Wagner Daily should note our preset and exact entry, stop, and target prices in today's report.

PowerShares Golden Dragon China Portfolio ETF ($PGJ) triggered a buy entry in our ETF portfolio on December 23, when it cleared the downtrend line drawn on the chart below:



The volume in $PGJ has been quiet on the move out, so we would expect some sort of pause prior to breaking out to new highs.

Global X Social Media Index ETF ($SOCL), which is currently an existing long position in our ETF portfolio, has pulled back to support of the rising 10-day moving average. We look for the price action to find support in the 20.50 to 20.80 area over the next few days.

Kandi Technologies Group ($KNDI), a long position in our individual stock portfolio, has exploded higher on massive volume over the past two days. Presently, this momentum trade is showing an unrealized gain of more than 60% from our December 6 buy entry at $7.10. To protect our profits, subscribers should note the new stop price in the open positions section of today's newsletter.

Deron Wagner is the Founder and Head Trader of both Morpheus Capital LP, a U.S. hedge fund, and MorpheusTrading.com, a trader education firm.