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Archive
- 4/5/2024 -
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iShares MSCI Italy Index (EWI) Technical Analysis
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| Summary:
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| | It was the negative week for the iShares MSCI Italy Index (EWI). During the week, the EWI dropped -0.65 points, or -1.72%, and closed at 37.07 on Friday, April 5, 2024. Weekly volume was 57% above average.
 Long-term trend: [See EWI long-term trend chart]
A long-term uptrend had started on October 13, 2022 at 20.99 and reached 37.96 on March 26, 2024. EWI gained -16.97 points, or -80.85%, in 75 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 29.91 and resistance is at 38.28. A Broadening Ascending 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 Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a long-term trend.
 Medium-term trend: [See EWI medium-term trend chart]
A medium-term uptrend had started on October 27, 2023 at 29.01 and reached 37.96 on March 26, 2024. EWI gained -8.95 points, or -30.85%, in 21 weeks. The price is now at the 9.94% retracement level.
 Weekly Technical Indicators: [See EWI weekly technical indicators chart]
Weekly Williams' Percentage Range is overbought while Lane's Stochastic is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range or strongly overbought weekly Lane's Stochastic. 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 weekly MACD line is above its signal line since November 17, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is relatively high, but getting smaller. It indicates that the current medium-term uptrend is still strong, and momentum is beginning to wane. Use the following link to access a MACD help.
 Short-term trend: [See EWI short-term trend chart]
A short-term uptrend had started on January 17, 2024 at 32.88 and reached 37.96 on March 26, 2024. EWI gained -5.08 points, or -15.45%, in 69 days. The chart has formed a Broadening Ascending Wedge chart pattern. The uptrend support line (38.23) 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 EWI daily technical indicators chart]
Daily technical indicators are neutral.
The daily MACD line is below its signal line since March 21, 2024.
During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward 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 declined below the moving average in the center of the Bollinger Bands. 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.
 Candlestick pattern: [See EWI candlestick chart pattern]
On Friday the chart has formed a Bearish Thrusting Candlestick pattern. This pattern occurs in a downtrend and it shows a rally failure in a down market. This is a weak continuation pattern. The reliability of the Bearish Thrusting pattern is low. Use the Technical Stock Screener to see the list of stocks that had a Bearish Thrusting Candlestick pattern during the last week.
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