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First Trust ISE Water Index Fund (FIW) Reaches Initial Support Level, Watch for 0.52% Additional Downside

Written on Wed, 06/23/2010 - 10:38am
By Chip Brian

SmarTrend has detected shares of First Trust ISE Water Index Fund (NYSE:FIW) have bearishly opened below the pivot of $18.55 today and have reached the first level of support of $18.31.
Should the shares continue to fall, we are monitoring the next support pivots of $18.16 and $17.76. Also, the shares are currently trading below the 50-day moving average of $19.42 and below the 200-day moving average of $18.76.
SmarTrend, our proprietary pattern recognition system, alerted subscribers to sell shares of First Trust ISE Water Index Fund on May 07, 2010 at $19.06. Since the call, the stock has fallen 4.2%.

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