Look for Shares of iShares MSCI Brazil Index Fund to Potentially Rebound after Yesterday's 1.21% Sell Off
iShares MSCI Brazil Index Fund (NYSE:EWZ) traded in a range yesterday that spanned from a low of $27.60 to a high of $28.23. Yesterday, the shares fell 1.2%, which took the trading range below the 3-day low of $27.78 on volume of 6.6 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.
In the past 52 weeks, iShares MSCI Brazil Index Fund share prices have been bracketed by a low of $17.30 and a high of $37.53 and are now at $27.62, 60% above that low price. The 200-day and 50-day moving averages have moved 0.38% lower and 3.52% higher over the past week, respectively.
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 37.1%. We continue to monitor EWZ for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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