Bearish Moving Average Cross by iShares MSCI Brazil Index Fund (EWZ)
Today, shares of iShares MSCI Brazil Index Fund (NYSE:EWZ) have fallen below their 10-day MA of $34.33 on a volume of 9.6 million shares. This may provide short-term investors a chance for a short position, as such a crossover often suggests lower prices in the near term.
iShares MSCI Brazil Index Fund share prices have moved between a 52-week high of $37.35 and a 52-week low of $17.30 and are now trading 96% above that low price at $33.90 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 2.4%.
SmarTrend recommended that subscribers consider buying shares of iShares MSCI Brazil Index Fund on June 23rd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $28.65. Since that recommendation, shares of iShares MSCI Brazil Index Fund have risen 20.8%. We continue to monitor EWZ for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: moving crosses ishares msci brazil index fund