Trading Idea - iShares MSCI Mexico Investable Market Index Broke Resistance, What to Expect?

Published on Friday, 03 February 2012 09:28 Written by Christian Paolinetti

New York, February 3rd (TradersHuddle.com) - Shares of iShares MSCI Mexico Investable Market Index Fund (NYSE:EWW) closed the trading session at $59.60 just above calculated resistance at $58.14 effectively breaking out, grabbing the attention of momentum traders, which could eventually push the stock to different trading range

iShares MSCI Mexico Investable Market Index Fund (NYSE:EWW) seeks to provide investment results that correspond to the price and yield performance of equities traded publicly in the Mexican market, as measured by the MSCI Mexico Investable Market 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, basic materials, consumer non-cyclical and consumer cyclical.

iShares MSCI Mexico Investable Market Index's stock was trading in a well defined range with support at $51.98 and resistance at $58.14, given that this range was broken traders will be closely monitoring the stock