Look for Shares of iShares MSCI Brazil Index Fund to Potentially Rebound after Yesterday's 1.41% Sell Off
iShares MSCI Brazil Index Fund (NYSE:EWZ) traded in a range yesterday that spanned from a low of $26.35 to a high of $27.30. Yesterday, the shares fell 1.4%, which took the trading range below the 3-day low of $26.68 on volume of 10.0 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.
Over the past year, iShares MSCI Brazil Index Fund has traded in a range of $17.30 to $37.35 and is now at $26.40, 53% 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.
SmarTrend is tracking the current trend status for iShares MSCI Brazil Index Fund and will alert subscribers who have EWZ in their portfolio or watchlist when shares have changed trend direction.
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