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Downtrend Broken Resist.Archive
- 1/3/2025 -
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iShares MSCI Brazil Index (EWZ) Technical Analysis
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| Summary:
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| | It was the negative week for the iShares MSCI Brazil Index (EWZ). During the week, the EWZ gave back -0.09 points, or -0.40%, and closed at 22.45 on Friday, January 3, 2025. Weekly volume was -22% below 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 uptrend support line (27.87) 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. EWZ 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 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 22.26 on December 18, 2024. EWZ lost 13.48 points, or 37.72%, in 52 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 21.15 and resistance is at 28.38. 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 Relative Strength Index is oversold while Williams' Percentage Range and Lane's Stochastic are strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold weekly Relative Strength Index or strongly oversold 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, Relative Strength Index and Williams' Percentage Range 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 near its high and getting bigger. It indicates that the current medium-term downtrend is strong. 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 December 11, 2024 at 26.75 and reached 22.26 on December 18, 2024. EWZ lost 4.49 points, or 16.79%, in 7 days. Price is near the trend low.
 Daily Technical Indicators: [See EWZ daily technical indicators chart]
Daily Williams' Percentage Range is strongly oversold. Use the Technical Stock Screener to see the list of stocks with daily strongly oversold Williams' Percentage Range. During the last week, daily Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish signal.
The daily MACD line is below its signal line since December 13, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is low and getting smaller. It indicates that the current short-term downtrend is getting weak.
The distance between the Bollinger Bands is 170.72% higher then one year average. It indicates the period of high 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.
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