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Downtrend Broken Resist.Archive
- 5/10/2024 -
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iShares MSCI South Korea Index (EWY) Technical Analysis
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| Summary:
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| | It was the negative week for the iShares MSCI South Korea Index (EWY). During the week, the EWY gave back -0.29 points, or -0.44%, and closed at 64.88 on Friday, May 10, 2024. Weekly volume was -38% below average.
 Long-term trend: [See EWY long-term trend chart]
A long-term downtrend had started on January 8, 2021 at 96.29 and reached 47.19 on October 13, 2022. EWY lost 49.10 points, or 50.99%, in 91 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (58.24) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. EWY may retest the broken resistance line. It is considered to be a support line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.
 Medium-term trend: [See EWY medium-term trend chart]
A medium-term uptrend had started on October 27, 2023 at 54.49 and reached 68.20 on March 21, 2024. EWY gained -13.71 points, or -25.16%, in 20 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 60.07 and resistance is at 69.83. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a medium-term trend.
 Weekly Technical Indicators: [See EWY weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since April 12, 2024. The distance between MACD and the signal line is low and getting smaller. Use the following link to access a MACD help.
 Short-term trend: [See EWY short-term trend chart]
A short-term uptrend had started on April 17, 2024 at 60.60 and reached 65.92 on May 7, 2024. EWY gained -5.32 points, or -8.78%, in 20 days. The chart has formed a Rising Channel chart pattern.
 Daily Technical Indicators: [See EWY daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range and Lane's Stochastic. During the last week, daily Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.
The daily MACD line is above its signal line since April 25, 2024. This is an indication that the short-term trend is up.
A Parabolic SAR (stop and reversal) indicator (64.61) comes close to the price (64.88). It indicates that the trend is getting weaker. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
During the last week, the price has crossed below the 50 Day Moving Average. Such crossover is considered a bearish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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