iShares MSCI Germany Index Close to Resistance
Published on Monday, 12 December 2011 08:42 Written by Christopher Lynn
New York, December 12th (TradersHuddle.com) - Shares of iShares MSCI Germany Index Fund (NYSE:EWG) are trading very close to calculated resistance at $20.86 with the current price action closing at just $20.16 placing the stock near levels that make it difficult to buy.
iShares MSCI Germany Index Fund (NYSE:EWG) seeks to provide investment results that correspond to the price and yield performance of equities traded publicly in the German market, as measured by the MSCI Germany Index. The fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. It invests in the sectors, such as financial, communications, industrial, utilities, energy, basic materials, technology and consumer cyclical.
iShares MSCI Germany Index's current stock range is defined by current calculated support defined at $19.48 and by the resistance level at $20.86, the stock is clearly over-extended from support, making it difficult to establishing new long positions at this level.
Traders don't have a clear entry point for iShares MSCI Germany Index, as the stock is well above support, however, as the stock pulls back towards $19.48 it will definitely provide a reference point to establish a trade. On the other hand if the stock decides to break above resistance level at $20.86 then traders will get an opportunity to enter iShares MSCI Germany Index stock by establishing a position as the stock moves to a higher range.
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