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Uptrend SupportArchive
- 4/5/2024 -
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iShares MSCI Brazil Index (EWZ) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was the negative week for the iShares MSCI Brazil Index (EWZ). During the week, the EWZ dropped -0.61 points, or -1.88%, and closed at 31.81 on Friday, April 5, 2024. Weekly volume was 12% above 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 (26.67) 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 price is near the trend support (31.54) line. The support is usually stronger when technical indicators are oversold. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend support line in a medium-term trend.
 Weekly Technical Indicators: [See EWZ weekly technical indicators chart]
Weekly Williams' Percentage Range is oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold Williams' Percentage Range. 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 link to access Williams' Percentage Range help.
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 March 20, 2024 at 32.87 and reached 31.50 on April 3, 2024. EWZ lost 1.37 points, or 4.17%, in 14 days. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.
 Daily Technical Indicators: [See EWZ daily technical indicators chart]
Daily technical indicators are neutral.
During the last week, daily MACD line has moved below its signal line. Such crossover is considered a bearish signal.
A Parabolic SAR (stop and reversal) indicator (31.5) comes close to the price (31.81). 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.
The price touches the lower Bollinger Band. The distance between the Bollinger Bands (3.4%) is close to one year low (4.11%). It is 62.67% lower than one year average. It indicates the period of low volatility of the stock price, and it is considered a buy 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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