MSCI All-Country World Equity Index - Technical Analysis

MSCI All-Country World Equity Index - Technical Analysis

Last week Monday saw a second test and failure to break above the 50-day moving average which is also where the 61.8% Fibonacci retracement level is situated.

The 50-day moving average is starting to turn lower, reflecting a change in medium term trend or alternatively very choppy price action in the weeks ahead.

The candle structure over the past week saw narrow daily ranges which is also a reflection of low volatility while yesterday the index reflected selling pressure start to emerge with the price, at the lows of the day, testing the 0.38% Fibonacci retracement level.

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