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- 5/10/2024 -
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iShares MSCI United Kingdom Index (EWU) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was a third positive week after 3 consecutive negative weeks for the iShares MSCI United Kingdom Index (EWU). During the week, the EWU gained 0.81 points, or 2.29%, and closed at 36.15 on Friday, May 10, 2024. Weekly volume was -49% below average.
 Long-term trend: [See EWU long-term trend chart]
A long-term downtrend had started on February 10, 2022 at 35.09 and reached 25.36 on September 28, 2022. EWU lost 9.73 points, or 27.73%, in 32 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (32.49) 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. EWU 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 EWU medium-term trend chart]
A medium-term uptrend had started on October 27, 2023 at 30.14 and reached 36.24 on May 10, 2024. EWU gained -6.10 points, or -20.24%, in 28 weeks. Price is near the trend high.
 Weekly Technical Indicators: [See EWU weekly technical indicators chart]
Weekly Relative Strength Index and Lane's Stochastic are overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index and Lane's Stochastic or strongly overbought weekly Williams' Percentage Range. Weekly Lane's Stochastic has bearish divergence. Use the following links to access the Lane's Stochastic help, or use the Technical Stock Screener to see the list of stocks with weekly Lane's Stochastic bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading 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, Relative Strength Index and Williams' Percentage Range help.
The weekly MACD line is above its signal line since November 24, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current medium-term uptrend is strong. Use the following link to access a MACD help.
Short-term trend: [See EWU short-term trend chart]
A short-term uptrend had started on April 16, 2024 at 33.12 and reached 36.24 on May 10, 2024. EWU gained -3.12 points, or -9.42%, in 24 days. Price is near the trend high.
 Daily Technical Indicators: [See EWU daily technical indicators chart]
Daily Relative Strength Index is overbought while Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Relative Strength Index or strongly 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.
The daily MACD line is above its signal line since April 24, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current short-term uptrend is strong.
The distance between the Bollinger Bands (10.07%) is close to one year high (8.41%). It indicates the period of high volatility of the stock price, and it is considered a sell signal for the option traders. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
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