iShares MSCI Australia Index Fund (NYSE:EWA) seeks to provide investment results that correspond to the price and yield performance of equities traded publicly in the Australian market, as measured by the MSCI Australia Index. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. The Index seeks to measure the performance of the Canadian equity market. The Index is a capitalization-weighted index that aims to capture 85% of the total market capitalization.
Latest price action range, defined by a peaks and troughs algorithm places calculated support at $20.45 and calculated resistance at $26.10. These levels will be closely watched by traders, as they provide great insight into the latest price dynamics defined by iShares MSCI Australia Index shares.
Traders should evaluate their trade if they want to establish a position on iShares MSCI Australia Index given the resistance expected as the stock approaches the 50 day moving average. A trade might materialize as the stock manages to break this important level, as it could be used as support going forward, however until the break materializes buying the stock is nothing different than flipping a coin. Other levels that traders will be evaluating are the ones defined by the peak and troughs algorithm that provides great price level reference points.
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