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Look for Shares of iShares MSCI Brazil Index Fund to Potentially Pullback after Yesterday's 2.07% Rise

By Amy Schwartz

iShares MSCI Brazil Index Fund (NYSE:EWZ) traded in a range yesterday that spanned from a low of $36.69 to a high of $37.24. Yesterday, the shares gained 2.1%, which took the trading range above the 3-day high of $36.55 on volume of 11.8 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 Brazil Index Fund has traded in a range of $17.30 to $37.35 and is now at $37.17, 115% 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 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 27.3%. We continue to monitor EWZ for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders ishares msci brazil index fund

Ticker(s): EWZ