SmarTrend Watching for Potential Pullback in Shares of iShares MSCI Brazil Index Fund After 1.20% Gain
iShares MSCI Brazil Index Fund (NYSE:EWZ) traded in a range yesterday that spanned from a low of $31.87 to a high of $32.51. Yesterday, the shares gained 1.2%, which took the trading range above the 3-day high of $32.38 on volume of 6.3 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
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 11.8%. 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 $32.43, 87% 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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