- 9/15/2023 -
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iShares MSCI South Korea Index (EWY) Technical Analysis
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|It was a first positive week for the iShares MSCI South Korea Index (EWY). During the week, the EWY gained 1.33 points, or 2.15%, and closed at 63.12 on Friday, September 15, 2023. Weekly volume was -10% 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 trend support level is at 68.49 and resistance is at 56.17. A Symmetric Triangle pattern represents the area of indecision, where the movement direction is questioned. Chart pattern analysis usually considers a symmetric triangle chart pattern as a continuation formation which resolves in the direction of larger trend, but it also may mark the trend reversal. Use the following link to access a Symmetric Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Symmetric Triangle pattern in a long-term trend.
Medium-term trend: [See EWY medium-term trend chart]
A medium-term uptrend had started on October 13, 2022 at 47.19 and reached 67.95 on July 25, 2023. EWY gained -20.76 points, or -43.99%, in 40 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (68.49) is broken. A broken support is considered to be a long-term bearish 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 support 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 August 11, 2023. 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 August 18, 2023 at 60.24 and reached 63.74 on September 15, 2023. EWY gained -3.50 points, or -5.81%, in 28 days. The price is now at the 17.71% retracement level.
Daily Technical Indicators: [See EWY daily technical indicators chart]
Daily Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought daily overbought 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 daily MACD line is above its signal line since August 25, 2023. This is an indication that the short-term trend is up.
During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. 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 moved above the moving average in the center of the Bollinger Bands. The distance between the Bollinger Bands (4.88%) is close to one year low (4.71%). It is 54.73% 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.