The Greedy Trader Weekly Analysis
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- 3/15/2024 -
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iShares MSCI Canada Index (EWC) Technical Analysis

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Summary:
Weekly :Relative Strength Index and Lane's Stochastic are overboughtWilliams' Percentage Range is strongly overboughtLane's Stochastic and MACD bearish divergenceBroken trend resistance line
Daily :Broken trend support lineA Parabolic SAR indicator is above and near the price
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It was a fifth consecutive positive week for the iShares MSCI Canada Index (EWC). During the week, the EWC climbed 0.12 points, or 0.32%, and closed at 37.73 on Friday, March 15, 2024. Weekly volume was -12% below average.

Long-term trend: [See EWC long-term trend chart]
A long-term downtrend had started on April 5, 2022 at 41.12 and reached 29.55 on October 13, 2022. EWC lost 11.57 points, or 28.14%, in 27 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (32.09) 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 EWC medium-term trend chart]
A medium-term uptrend had started on October 27, 2023 at 31.41 and reached 38.24 on March 13, 2024. EWC gained -6.83 points, or -21.74%, in 19 weeks. The price is now at the 7.47% retracement level.

Weekly Technical Indicators: [See EWC 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 and MACD have bearish 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 weekly Lane's Stochastic and MACD 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 17, 2023. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See EWC short-term trend chart]
A short-term uptrend had started on February 13, 2024 at 35.05 and reached 38.24 on March 13, 2024. EWC gained -3.19 points, or -9.10%, in 29 days. The chart has formed a Rising Wedge chart pattern. The uptrend support line (38.15) 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 short-term trend.

Daily Technical Indicators: [See EWC daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is above its signal line since February 15, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term uptrend is getting weak.

A Parabolic SAR (stop and reversal) indicator (37.61) comes close to the price (37.73). 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 64.86
Williams' Percentage Range (W%R) 28.40
Lane's Stochastic (%D-Slow) 77.42
Greed/Fear Indicator (GFI) 71.29
Moving Average Converg./Diverg. (MACD) 0.34
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 82.48
Overbought
Williams' Percentage Range (W%R) 7.90
Strong Overbought
Lane's Stochastic (%D-Slow) 82.69
Overbought Bearish
Greed/Fear Indicator (GFI) 76.69
Moving Average Converg./Diverg. (MACD) 0.57 Bearish
Trading Signals
Description Value Chart
Weekly Trendline Resistance 38.42
Upper Bollinger Band 38.24
Weekly Trendline Support 38.15
Daily Stochastic Crossing 37.99
Weekly Stochastic Crossing 37.85
Price 37.73
Parabolic System 37.61
20 Day Moving Average 37.17
50 Day Moving Average 36.61
Lower Bollinger Band 36.23
Yearly Trendline Resistance 33.90
Yearly Trendline Support 32.09
Sector and Industry
Description Name Rank
Sector
Industry
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 38.24
High Date 03/13/2024
Low 37.60
Low Date 03/14/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Support
Resistance 38.42
Support 38.15
Low 35.05
Low Date 02/13/2024
High 38.24
High Date 03/13/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 31.41
Low Date 10/27/2023
High 38.24
High Date 03/13/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 29.55
Low Date 10/13/2022
High 38.24
High Date 03/13/2024
Description Value
Direction Down
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 33.90
Support 32.09
High 41.12
High Date 04/05/2022
Low 29.55
Low Date 10/13/2022
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.