Ishares MSCI EAFE Index (AMEX: EFA) Closes Above Resistance Says Market Timer Frank Kollar
April 16, 2008 (FinancialWire) (By Frank Kollar)
Shares of Ishares MSCI EAFE Index (AMEX: EFA), the Morgan Stanley ETF that invests in a selection of big cap and mid cap stocks from 21 developed countries not including the USA and Canada, moved above resistance in heavy volume on Wednesday, April 16.
Ishares MSCI EAFE has been moving higher since retesting lows back in March. But after reaching about $75 a share, it fell back and has been correcting since.
Wednesday’s sharp gains in Ishares MSCI EAFE pushed share prices above the prior highs and closed at $75.61 a share. Those highs were at resistance for Ishares MSCI EAFE and this widely traded ETF should now trade to at least the next resistance level, at $78.50, or higher.
The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy has a position in Ishares MSCI EAFE.
Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
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