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Downtrend ResistanceArchive
- 4/26/2024 -
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iShares MSCI Japan Index (EWJ) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was a first positive week after 4 consecutive negative weeks for the iShares MSCI Japan Index (EWJ). During the week, the EWJ climbed 0.64 points, or 0.96%, and closed at 67.13 on Friday, April 26, 2024. Weekly volume was -9% below average.
 Long-term trend: [See EWJ long-term trend chart]
A long-term downtrend had started on September 15, 2021 at 74.12 and reached 47.64 on October 13, 2022. EWJ lost 26.48 points, or 35.73%, in 56 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (61.80) 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 EWJ medium-term trend chart]
A medium-term uptrend had started on October 26, 2023 at 57.20 and reached 72.07 on March 22, 2024. EWJ gained -14.87 points, or -26.00%, in 21 weeks. The chart has formed a Rising Channel chart pattern. The uptrend support line (72.36) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. EWJ may retest the broken support line. It is considered to be a resistance 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 support in a medium-term trend.
 Weekly Technical Indicators: [See EWJ weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is below its signal line since April 12, 2024. Use the following link to access a MACD help.
 Short-term trend: [See EWJ short-term trend chart]
A short-term downtrend had started on March 22, 2024 at 72.07 and reached 65.84 on April 25, 2024. EWJ lost 6.23 points, or 8.64%, in 34 days. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 65.08 and resistance is at 68.81. 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 EWJ 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 main line (%K) has rallied above the oversold signal line (%D). Such crossover is considered a bullish signal. Daily Lane's Stochastic and MACD have bullish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic and MACD bullish 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 and Williams' Percentage Range help.
The daily MACD line is below its signal line since March 25, 2024. This is an indication that the short-term trend is down.
A Parabolic SAR (stop and reversal) indicator (67.28) comes close to the price (67.13). 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 20 Day Moving Average 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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