Is iShares MSCI EAFE Closing in to Resistance?

efa New York, May 3rd (TradersHuddle.com) - Shares of iShares MSCI EAFE Index Fund (NYSE:EFA) are trading very close to calculated resistance at $62.02. The stock ended the trading session at just $61.76, which is near levels that make it difficult to buy or start a position.

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.

iShares MSCI EAFE's stock range is defined by its calculated support defined at $47.29 and by the resistance level at $62.02; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.

Traders don't have a clear entry point for iShares MSCI EAFE. However, as the stock pulls back towards $47.29 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $62.02 then traders will get an opportunity to enter the stock as it moves to a higher range.

Note - Automated Content Created By TradersHuddle's Technical Scanner




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