iShares MSCI Australia Index Moving Above Resistance

Published on Monday, 06 February 2012 08:56 Written by Christian Paolinetti

New York, February 6th (TradersHuddle.com) - Shares of iShares MSCI Australia Index Fund (NYSE:EWA) closed the trading session at $24.02 just above calculated resistance at $23.82 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

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.

iShares MSCI Australia Index's stock was trading in a well defined range with support at $21.21 and resistance at $23.82, given that this range was broken traders will be closely monitoring the stock