Close to the 50 Day - iShares MSCI Australia Index

Published on Wednesday, 18 January 2012 08:42 Written by Christopher Lynn

New York, January 18th (TradersHuddle.com) - Shares of iShares MSCI Australia Index Fund (NYSE:EWA) closed the trading day at $22.48 close to its 50 day moving average currently set at $22.37. iShares MSCI Australia Index's price action is just above this important support level translating into a trading opportunity.

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.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $21.21 and calculated resistance at $22.38. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on iShares MSCI Australia Index will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.