Trading Idea - iShares MSCI Germany Index Broke Resistance, What to Expect?

Published on Wednesday, 08 February 2012 08:28 Written by TradersHuddle Wire

New York, February 8th (TradersHuddle.com) - Shares of iShares MSCI Germany Index Fund (NYSE:EWG) closed the trading session at $22.51 just above calculated resistance at $22.45 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

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 stock was trading in a well defined range with support at $19.17 and resistance at $22.45, given that this range was broken traders will be closely monitoring the stock