Indices ETFs Technical AnalysisArchive
- 3/17/2023 -
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iShares MSCI Germany Index (EWG)
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|It was the negative week for the iShares MSCI Germany Index (EWG). During the week, the EWG dropped -0.86 points, or -3.15%, and closed at 26.44 on Friday, March 17, 2023. Weekly volume was -9% below average. |
Long-term trend: [See EWG long-term trend chart]
A long-term downtrend had started on June 7, 2021 at 36.49 and reached 19.35 on September 27, 2022. EWG lost 17.14 points, or 46.97%, in 68 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 13.41 and resistance is at 28.39. 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 long-term trend.
Medium-term trend: [See EWG medium-term trend chart]
A medium-term uptrend had started on September 27, 2022 at 19.35 and reached 28.91 on February 2, 2023. EWG gained -9.56 points, or -49.41%, in 18 weeks. The chart has formed a Rising Channel chart pattern. The uptrend support line (29.11) 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. EWG 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 EWG weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is above its signal line since October 14, 2022. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.
Short-term trend: [See EWG short-term trend chart]
A short-term downtrend had started on March 6, 2023 at 28.20 and reached 26.04 on March 15, 2023. EWG lost 2.16 points, or 7.66%, in 9 days. The price is now at the 18.52% retracement level.
Daily Technical Indicators: [See EWG 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. 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 below its signal line since February 2, 2023. This is an indication that the short-term trend is down.
The price touches the lower Bollinger Band. 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.
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.