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June 3 Chart of the Day - iShares MSCI Mexico ETF

Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews

The Mexican Peso experienced its worst single-day performance in four years following Claudia Sheinbaum‘s victory in the presidential election held on Sunday.

Early this morning, the Peso had dropped 3.4%, reaching 17.60 per dollar. This marks the sharpest decline since June 2020, when it fell by 4.1% in a single day.

Whether you're a trader or an investor, ETFs such as the iShares MSCI Mexico ETF (ticker EWW) seeks to track the investment results of a broad-based index composed of Mexican equities so we wanted to review its chart from a price action technical analysis perspective.

We have featured over 220 Charts of the Day during the past year and will be launching a Price Action Trading Performance and Mindset Boot Camp starting June 5, 2024 to help traders become more confident and consistent with their trading results.

Monthly Chart 

iShares MSCI Mexico ETF monthly price action technical analysis review

On the monthly chart we can see that after setting its $76.80 all time high (ATH) back in late 2013 price fell steadily for the next seven years in search of a bottom and finally bounced around the $25 area in 2020.

Since then, price quickly rose back up to the $70 area before running into some overhead resistance in the form of previous support/resistance.

Weekly Chart

iShares MSCI Mexico ETF weekly price action technical analysis review

On the weekly chart we can see with much more clarity the dramatic fall from ATHs and then the rapid rise since 2020, and the sharp fall the past few weeks.

Trading at $57 earlier today price is essentially where it was about a year ago with a rapid rise above, below, and above again only to return in relatively short order.

We've layered in traditional Fibonacci levels in both directions as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.

Armed with precision oriented charts like these both traders and investors can formulate their respective plans.

So what's next? 

We don't make predictions...

Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.

  1. Support/Resistance
  2. Trend
  3. Fibonacci 
  4. Supply/Demand Zones,
  5. Change Control Zones

ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.

Take a look at the charts and let us know what you think.  

We'd like to hear from you in the comments sections.

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