New York, August 31st (TradersHuddle.com) – Shares of iShares MSCI Australia Index Fund (NYSE:EWA) closed the trading session at $24.34 near its 50 day and 200 day moving averages currently set at $24.37 and $25.38 respectively. iShares MSCI Australia Index’s price action is below these important levels, which makes the stock difficult to buy, as there will certainly be resistance as it approaches these important moving averages.
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 placed calculated support at $22.26 and calculated resistance at $23.48. These levels should be watched by traders, as they provide insight into the latest price dynamics in iShares MSCI Australia Index shares.
Traders should evaluate their options if they want to establish a position on iShares MSCI Australia Index given the heavy resistance expected near the 50 and 200 day moving averages. A trade might be evident as the stock manages to break these moving averages, however until the break materializes buying the stock is nothing different than flipping a coin. Other levels that traders will closely evaluate are the ones defined by the peak and troughs algorithm that provides great price level reference points.