For those who like to play it slow, iShares MSCI Mexico ETF ($EWW) continues to find support at the $65 level from prior all-time highs:



When a stock/ETF breaks out to new all-time highs, the first pullback to the prior breakout level is typically a solid support level (give or take a few points) because prior resistance becomes new support, after the resistance is broken. Although the price action dipped below $65 a few times, support is a more about a zone rather than some exact line on a chart.

Drilling down to the weekly chart, we see that $EWW formed a bullish reversal candle last week on a pick-up in volume. A move above the highs of last week's reversal candle is a potential buy entry for a starter position:



If $EWW triggers for buy entry, we would not enter with full position size now because the price is too far above the highs of the current base. Still, establishing a small position and looking to add on strength is fine.

For those who missed our original breakout entry in Guggenheim Shipping ETF ($SEA) on December 20, the current short-term consolidation pattern is bullish and should lead to a continuation breakout:



The big volume and strong price action is exactly what we like to see on a breakout, so the uptrend should resume after a short-term break.

Even if $SEA fails to push higher and pulls back in, the 50-day MA is already at our original entry point and climbing higher, so there is quite a bit of support below.

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.