iShares MSCI Canada Index Broke Resistance

Published on Friday, 03 February 2012 09:14 Written by Christian Paolinetti

New York, February 3rd (TradersHuddle.com) - Shares of iShares MSCI Canada Index Fund (NYSE:EWC) closed the trading session at $28.46 just above calculated resistance at $28.28 effectively breaking out, grabbing the attention of momentum traders, which could eventually push the stock to different trading range

iShares MSCI Canada Index Fund (NYSE:EWC) seeks to provide investment results that correspond to the price and yield performance of equities traded publicly in the Canadian market, as measured by the MSCI Canada 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.

iShares MSCI Canada Index's stock was trading in a well defined range with support at $25.31 and resistance at $28.28, given that this range was broken traders will be closely monitoring the stock