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Archive
- 11/8/2024 -
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iShares MSCI Brazil Index (EWZ) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was a first positive week after 5 consecutive negative weeks for the iShares MSCI Brazil Index (EWZ). During the week, the EWZ gained 0.70 points, or 2.59%, and closed at 27.71 on Friday, November 8, 2024. It was the best weekly gain since August 16, 2024. Weekly volume was 33% above average.
 Long-term trend: [See EWZ long-term trend chart]
A long-term uptrend had started on March 19, 2020 at 20.14 and reached 42.05 on June 7, 2021. EWZ gained -21.91 points, or -108.79%, in 63 weeks. The chart has formed a Symmetric Triangle chart pattern. The price is near the trend support (27.64) line. The support is usually stronger when technical indicators are oversold. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend support line in a long-term trend.
 Medium-term trend: [See EWZ medium-term trend chart]
A medium-term downtrend had started on December 19, 2023 at 35.74 and reached 26.23 on August 5, 2024. EWZ lost 9.51 points, or 26.61%, in 32 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 22.94 and resistance is at 29.40. 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 medium-term trend.
 Weekly Technical Indicators: [See EWZ weekly technical indicators chart]
Weekly Lane's Stochastic is oversold. Use the Technical Stock Screener to see the list of stocks with weekly oversold 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 link to access Lane's Stochastic help.
The weekly MACD line is below its signal line since October 25, 2024. This is an indication that the medium-term trend is down. The distance between MACD and the signal line is low, but getting bigger. It indicates that the current medium-term downtrend is getting stronger. Use the following link to access a MACD help.
Short-term trend: [See EWZ short-term trend chart]
A short-term downtrend had started on August 19, 2024 at 31.14 and reached 26.93 on November 1, 2024. EWZ lost 4.21 points, or 13.52%, in 74 days. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 26.66 and resistance is at 29.46. 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 short-term trend.
 Daily Technical Indicators: [See EWZ daily technical indicators chart]
Daily technical indicators are neutral.
During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.
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