Indices ETFs Technical Analysis - EWCArchive
- 11/24/2023 -
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iShares MSCI Canada Index (EWC) Technical Analysis
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|It was a second consecutive positive week for the iShares MSCI Canada Index (EWC). During the week, the EWC climbed 0.16 points, or 0.46%, and closed at 34.63 on Friday, November 24, 2023. Weekly volume was -26% below average. |
Long-term trend: [See EWC long-term trend chart]
A long-term downtrend had started on July 31, 2023 at 36.24 and reached 31.41 on October 27, 2023. EWC lost 4.83 points, or 13.33%, in 12 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The downtrend resistance line (30.61) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. EWC may retest the broken resistance line. It is considered to be a support 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 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 34.72 on November 24, 2023. EWC gained -3.31 points, or -10.54%, in 4 weeks. Price is near the trend high.
Weekly Technical Indicators: [See EWC weekly technical indicators chart]
Weekly technical indicators are neutral.
During the last week, weekly MACD line has moved above its signal line. Such crossover is considered a bullish signal. 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 November 10, 2023 at 32.90 and reached 34.72 on November 24, 2023. EWC gained -1.82 points, or -5.53%, in 14 days. Price is near the trend high.
Daily Technical Indicators: [See EWC daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought daily overbought Williams' Percentage Range and Lane's Stochastic. Daily MACD has bearish divergence. Use the following links to access the MACD help, or use the Technical Stock Screener to see the list of stocks with daily 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 and Williams' Percentage Range help.
The daily MACD line is above its signal line since November 1, 2023. This is an indication that the short-term trend is up.
During the last week, the 20 Day Moving Average has advanced above the 50 Day Moving Average. Such crossover is considered a bullish 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.