iShares MSCI Brazil Index Fund Set to Possibly Rebound After Yesterday's Selloff of 3.17%
iShares MSCI Brazil Index Fund (NYSE:EWZ) traded in a range yesterday that spanned from a low of $27.98 to a high of $28.81. Yesterday, the shares fell 3.2%, which took the trading range below the 3-day low of $28.03 on volume of 9.2 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.
Over the past year, iShares MSCI Brazil Index Fund has traded in a range of $17.30 to $37.35 and is now at $28.07, 62% above that low. 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 February 4th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $20.45. Since that recommendation, shares of iShares MSCI Brazil Index Fund have risen 42.0%. We continue to monitor EWZ for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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