Watch for iShares MSCI South Korea Index Fund to Potentially Rebound After Falling 2.73% Yesterday
iShares MSCI South Korea Index Fund (NYSE:EWY) traded in a range yesterday that spanned from a low of $54.93 to a high of $55.33. Yesterday, the shares fell 2.7%, which took the trading range below the 3-day low of $55.36 on volume of 2.4 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 South Korea Index Fund on June 6th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $51.96. Since that recommendation, shares of iShares MSCI South Korea Index Fund have risen 8.7%. We continue to monitor EWY for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
In the past 52 weeks, shares of iShares MSCI South Korea Index Fund have traded between a low of $42.94 and a high of $61.75 and are now at $54.99, which is 28% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.7%.
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