Look for Shares of iShares MSCI Brazil Index Fund to Potentially Pullback after Yesterday's 2.32% Rise
iShares MSCI Brazil Index Fund (NYSE:EWZ) traded in a range yesterday that spanned from a low of $34.47 to a high of $34.90. Yesterday, the shares gained 2.3%, which took the trading range above the 3-day high of $34.76 on volume of 10.4 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
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 18.8%. We continue to monitor EWZ for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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 102% above that low price at $34.88 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%.
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