Trading Idea: Is iShares MSCI EAFE Breaking Out?
Published on Tuesday, 16 April 2013 09:28 Written by TradersHuddle Wire
New York, April 16th (TradersHuddle.com) - Shares of iShares MSCI EAFE Index Fund (NYSE:EFA) closed the session at $59.22 just above calculated resistance at $56.68. The stock effectively broke out and grasped the attention of momentum traders, which could eventually push the stock to a different trading range.
iShares MSCI EAFE Index Fund (NYSE:EFA) is an ETF with the investment objective to seek investment results that correspond to the price and yield performance of equities traded in the Australasia, European and Far Eastern markets, as measured by the MSCI EAFE Index. The underlying index measures international equity performance. It includes 21 MSCI country indices, representing the developed markets outside of North America, including Europe, Australasia and the Far East.
The stock was trading in a well defined range with support at $47.29 and resistance at $56.68. Given that this range was broken, traders will be closely monitoring iShares MSCI EAFE's price action to gather clues on the future direction.
From a technical perspective, it can be expected that previous resistance becomes support, as the new range gets defined. However, given that iShares MSCI EAFE is still near the broken resistance level, traders will be focusing on the $56.68 level to see if the stock holds the breakout without rolling over.
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