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Daily RSI Divergence:Bullish
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Relative Strength Index (RSI Indicator)

The Relative Strength Index is a popular momentum oscillator, developed by Welles Wilder, Jr. It is one of the most widely used technical indicators. Relative Strength Index compares upward vs. downward movements in closing over a selected period. The RSI Indicator fluctuates from 0% to 100%. A stock with RSI Indicator higher than 70% is considered overbought and lower than 30% - oversold. A good rule is to adjust overbought/oversold index range to 80% in bull and to 20% in bear markets. Relative Strength Index can provide an early warning, but not the final signal. It should be used in conjunction with other stock picking techniques. The divergence between RSI Indicator and underlying stock price is the most important signal provided by RSI, and it can be an indication of an impending reversal. Using the RSI divergence (bullish and bearish), chart patterns, trendlines, support, and resistance lines along with the RSI Indicator chart can be very useful.

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- 3/15/2024 -
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iShares MSCI Brazil Index (EWZ) Technical Analysis

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Summary:
Weekly :Broken trend resistance line
Daily :Williams' Percentage Range is oversoldStochastic signal line moved above oversold area
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It was the negative week for the iShares MSCI Brazil Index (EWZ). During the week, the EWZ gave back -0.24 points, or -0.74%, and closed at 32.09 on Friday, March 15, 2024. Weekly volume was -17% below average.

Long-term trend: [See EWZ long-term trend chart]
A long-term downtrend had started on January 2, 2020 at 48.48 and reached 20.14 on March 19, 2020. EWZ lost 28.34 points, or 58.46%, in 11 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (26.58) is broken. A broken support is considered to be a long-term bullish signal. 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 EWZ medium-term trend chart]
A medium-term uptrend had started on March 23, 2023 at 25.00 and reached 35.74 on December 19, 2023. EWZ gained -10.74 points, or -42.96%, in 38 weeks. The chart has formed a Rising Wedge chart pattern. The trend support level is at 31.19 and resistance is at 36.64. A Rising Wage is a triangle formation with a noticeable slant to the upside. It represents the loss of an upside momentum on each successive high and has a bearish bias. The Rising wedge usually marks a reversal in an uptrend. In a downtrend a rising wedge is considered to be a continuation pattern. Use the following link to access a Rising Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Wedge pattern in a medium-term trend.

Weekly Technical Indicators: [See EWZ weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is below its signal line since January 26, 2024. Use the following link to access a MACD help.

Short-term trend: [See EWZ short-term trend chart]
A short-term downtrend had started on February 27, 2024 at 34.13 and reached 32.00 on March 11, 2024. EWZ lost 2.13 points, or 6.24%, in 13 days. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 31.23 and resistance is at 32.49. A Broadening Descending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a short-term trend.

Daily Technical Indicators: [See EWZ daily technical indicators chart]
Daily Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with daily oversold Williams' Percentage Range. During the last week, daily Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish 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 below its signal line since March 4, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current short-term downtrend is getting stronger.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 37.70
Williams' Percentage Range (W%R) 88.30
Oversold
Lane's Stochastic (%D-Slow) 27.04
Greed/Fear Indicator (GFI) 25.50
Moving Average Converg./Diverg. (MACD) -0.16
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 34.98
Williams' Percentage Range (W%R) 55.00
Lane's Stochastic (%D-Slow) 28.58
Greed/Fear Indicator (GFI) 38.80
Moving Average Converg./Diverg. (MACD) 0.62
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 36.64
Upper Bollinger Band 33.86
Parabolic System 33.34
50 Day Moving Average 33.16
20 Day Moving Average 33.01
Weekly Stochastic Crossing 32.65
Weekly Trendline Resistance 32.49
Daily Stochastic Crossing 32.42
Price 32.09
Lower Bollinger Band 31.79
Weekly Trendline Support 31.23
Quarterly Trendline Support 31.19
Yearly Trendline Resistance 29.55
Yearly Trendline Support 26.58
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 32.77
High Date 03/13/2024
Low 32.03
Low Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 32.49
Support 31.23
High 34.13
High Date 02/27/2024
Low 32.00
Low Date 03/11/2024
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 35.74
High Date 12/19/2023
Low 31.99
Low Date 02/13/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Valid
Resistance 36.64
Support 31.19
Low 25.00
Low Date 03/23/2023
High 35.74
High Date 12/19/2023
Description Value
Direction Down
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 29.55
Support 26.58
High 48.48
High Date 01/02/2020
Low 20.14
Low Date 03/19/2020
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.