EWZ
📉 Despite recent gains, the EWZ Brazil ETF remains firmly within a long-term bearish trend, with lower highs.
🚧 A key resistance level is identified around $27; breaking this level and the downtrend line is necessary to signal a potential trend change.
⚠️ While the ETF shows patterns for a short-term rise, entering now is considered risky due to the prevailing downtrend; confirmation of a break is advised.
@marcosemmimfp:
“EWZ rising. Let’s remember that this index has its bearish trend and continues to be bearish. The trend doesn’t change. This continues to be bearish and bearish and bearish. And let’s see if it changes its policies. If for the moment it’s doing well, it’s rising, which is what I commented, right? That is, it has patterns to rise, it’s rising, perfect, but I need you to come here, to come more or less to 27 and break 27. Yes, if you come up to $27 more or less here, break the bearish trend line, fall again, give me another minimum. There, ultimately, let’s see, and things calm down a bit, right? There we see ultimately taking some other position. For the moment, if you have Brazil, I would keep it, but it doesn’t stop being a totally risky position because we are within a bearish trend, we are not being bullish or anything else. Yes. And on a weekly chart, talking about an accumulation zone within everything, because this has been falling, that is, this is on a logarithmic chart. Yes. Well, if I put this like this, notice that the maximums always come there. So, that’s why I tell you that I would like you to break 27, and if you break 27 and come more or less to 30, it could be, that is, that you do something like this and then fall once more, there it would be very good because there isn’t much more left for this. That is, the maximums are getting smaller, although the minimum zone remains almost the same.”
Watch the exact part of the video where @marcosemmimfp talks about iShares MSCI Brazil ETF here:
Watch the video on YouTube
Read more articles analyzing iShares MSCI Brazil ETF (EWZ) at the provided link. EWZ stock.
