IEV: A Move Lower
Mike Macdonald | Dec 10, 2014 02:35AM ET
iShares S&P Europe 350 (NYSE:IEV): The rally from the 40.62 low of October is giving way to a pullback, as both daily and weekly studies turn lower. Focus is expected to turn to the 43.55, (38.2%) retracement of the October-November rally, with scope for still deeper reactions to the 42.90, (50%) retracement. Immediate tests of here are likely to give way to consolidation, as bearish monthly studies turn neutral. Resistance is up to the 45.31 monthly high of 27 November, with a break needed to confirm a fresh rally. With studies turning lower, however, any corrective bounce in the coming week is expected to fade beneath here.
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