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After Yesterday's Rally of 3.46% Shares Could Potentially Pullback

By Amy Schwartz

iShares MSCI Taiwan Index Fund (NYSE:EWT) traded in a range yesterday that spanned from a low of $15.50 to a high of $15.60. Yesterday, the shares gained 3.5%, which took the trading range above the 3-day high of $15.16 on volume of 3.4 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Over the past year, iShares MSCI Taiwan Index Fund has traded in a range of $11.21 to $16.64 and is now at $15.54, 39% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of iShares MSCI Taiwan Index Fund on June 6th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $13.75. Since that recommendation, shares of iShares MSCI Taiwan Index Fund have risen 9.3%. We continue to monitor EWT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders ishares msci taiwan index fund

Ticker(s): EWT