iShares MSCI Brazil Index(EWZ) is in an uptrend but could lose its momentum

(23-May-2008) (23-May-2008) iShares MSCI Brazil Index(EWZ) closed at 97.58, down -1.63 or -1.64 % today. Based on our analysis, iShares MSCI Brazil Index(EWZ) is in an uptrend but could lose its momentum.

The closing price of iShares MSCI Brazil Index(EWZ) is above its 50 day moving average of 88.21 (Designated by blue line). This indicates that the trend is up. The MACD histogram(Gray bars on the bottom) below the signal line(Dark Red Line) tells us that iShares MSCI Brazil Index(EWZ) is losing momentum. Sustained loss of momentum could put the uptrend at risk. The MACD histogram crossed below the signal line on 27-May-2008, about 4 trading days ago.