Above is a chart of the French ETF. First, notice the strong rally from mid-July to mid-November, when prices rose from a low of 22.58 to to a little over 28 -- a net percentage gain of 25.5%. Prices consolidated sideways after the move higher, trading between the lower 27s and 28s. However, now prices are slowly drifting lower, pulling the shorter EMAs with them. Also notice the declining MACD and negative reading on the CMF.