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New Upleg in Brazil Stock Market ETF

Stock-Markets / Brazil Apr 15, 2008 - 11:53 AM GMT

By: Mike_Paulenoff

Stock-Markets Best Financial Markets Analysis ArticleIn general, the EWZ exhibits a VERY constructive intermediate term chart pattern. All of the price action off of the Jan. low at 64.00 represents the start of a new upleg within the existing longer term bull trend that started in 2002 near 5.00. Furthermore, the decline off of the Feb. 28th high at 88.77 to the March 20 low at 72.11 appears to me to be a completed pullback, and the start of a new upleg that projects to retest 88.00-81.00 on the way to 91.00-93.00. Let's notice how much respect the price structure (investors) have exhibited during tests of the sharply rising 200 DMA.


As we speak, my work argues that investors are about to show a high degree of respect for the sharply rising 20 & 50 DMAs, which could propel the EWZ to retest the Feb. highs. Of course, some help from some of the other global equity markets (like the U.S.) certainly will be supportive, but not absolutely necessary for the EWZ to continue higher. For starters, the EWZ has to hurdle 85.20/30 to trigger upside acceleration.

By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction

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