Look for Shares of iShares MSCI Brazil Index Fund to Potentially Rebound after Yesterday's 1.42% Sell Off
iShares MSCI Brazil Index Fund (NYSE:EWZ) traded in a range yesterday that spanned from a low of $28.65 to a high of $29.23. Yesterday, the shares fell 1.4%, which took the trading range below the 3-day low of $29.35 on volume of 14.0 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.
SmarTrend is monitoring the recent change of momentum in iShares MSCI Brazil Index Fund. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of iShares MSCI Brazil Index Fund in search of a potential trend change.
Over the past year, iShares MSCI Brazil Index Fund has traded in a range of $17.30 to $37.35 and is now at $29.12, 68% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 2.4%.
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