Look for Shares of iShares MSCI Brazil Index Fund to Potentially Rebound after Yesterday's 5.11% Sell Off
iShares MSCI Brazil Index Fund (NYSE:EWZ) traded in a range yesterday that spanned from a low of $31.99 to a high of $33.22. Yesterday, the shares fell 5.1%, which took the trading range below the 3-day low of $32.65 on volume of 14.1 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.
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 17.8%. We continue to monitor EWZ for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Over the past year, iShares MSCI Brazil Index Fund has traded in a range of $17.30 to $37.35 and is now at $32.09, 85% above that low. The 200-day and 50-day moving averages have moved 0.29% lower and 2.39% higher over the past week, respectively.
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