Indices ETFs Technical AnalysisArchive
- 5/19/2023 -
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iShares MSCI Italy Index (EWI)
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|It was the negative week for the iShares MSCI Italy Index (EWI). During the week, the EWI gave back -0.09 points, or -0.29%, and closed at 31.23 on Friday, May 19, 2023. Weekly volume was -66% below average. |
Long-term trend: [See EWI long-term trend chart]
A long-term downtrend had started on June 8, 2021 at 34.53 and reached 20.99 on October 13, 2022. EWI lost 13.54 points, or 39.21%, in 70 weeks. The chart has formed a Broadening Right-Angled, Descending Wedge chart pattern. The trend support level is at 16.47 and resistance is at 34.02. 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 Right-Angled, Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Right-Angled, Descending Wedge pattern in a long-term trend.
Medium-term trend: [See EWI medium-term trend chart]
A medium-term uptrend had started on October 13, 2022 at 20.99 and reached 32.09 on May 5, 2023. EWI gained -11.10 points, or -52.88%, in 29 weeks. The price is now at the 7.75% retracement level.
Weekly Technical Indicators: [See EWI weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range and 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 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 EWI short-term trend chart]
A short-term uptrend had started on March 17, 2023 at 27.83 and reached 32.09 on May 5, 2023. EWI gained -4.26 points, or -15.31%, in 49 days. The chart has formed a Rising Wedge chart pattern. The uptrend support line (32.19) 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 April 24, 2023.
A Parabolic SAR (stop and reversal) indicator (31.5) comes close to the price (31.23). 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.
The price is close to the moving average in the center of the Bollinger Bands. The distance between the Bollinger Bands is falling, and it was 4.1% on Friday. It is 65.16% lower than one year average. It indicates the period of low volatility of the stock price. 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.