EWU closes flat at 0.0%
iShares MSCI United Kingdom ETF (EWU) Technical Analysis Report for Jan 15, 2020 | by Techniquant Editorial Team
EWU ended Wednesday at 33.84 flat on low volume.
Daily Candlestick Chart (EWU as at Jan 15, 2020):
Wednesday's trading range has been $0.13 (0.38%), that's below the last trading month's daily average range of $0.19. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly lower than usual for EWU.
Prices are trading close to the key technical support level at 33.73 (S1).
Though the market is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Buying might accelerate should prices move above the close-by swing high at 33.97 where further buy stops could get triggered. With prices trading close to this year's high at 34.18, upside momentum might speed up should the ETF be able to break out to new highs for the year.