What’s Next for iShares MSCI New Zealand Capped ETF (ENZL) After Forming Bullish Multiple Top Pattern?

December 8, 2017 - By Clifton Ray

The stock of iShares MSCI New Zealand Capped ETF (ENZL) shows a multiple tops pattern with $46.84 target or 3.00 % above today’s $45.48 share price. The 9 months chart pattern indicates low risk for the $142.16M company. It was reported on Dec, 8 by Finviz.com. If the $46.84 price target is reached, the company will be worth $4.26M more.
Multiple tops are chart patterns with decent performance in a bull market. The failure rate is higher but the average decline is reasonable. Back-tests of such patterns show that the break even failure rate is 10%, the average rise: 19%, the throwback rate: 61% and the percentage of stocks meeting their price targets: 40%.

The ETF increased 0.24% or $0.1099 during the last trading session, reaching $45.4799. About 40,018 shares traded. iShares MSCI New Zealand Capped ETF (NASDAQ:ENZL) has risen 5.36% since December 8, 2016 and is uptrending. It has underperformed by 11.34% the S&P500.

More news for iShares MSCI New Zealand Capped ETF (NASDAQ:ENZL) were recently published by: Seekingalpha.com, which released: “Pairs Trade: Long New Zealand ETF Vs. Australia ETF” on January 15, 2017. Seekingalpha.com‘s article titled: “The Investment Case For New Zealand” and published on March 07, 2017 is yet another important article.

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