What Now For Brazil's ETF, EWZ?
Mike Paulenoff | Oct 29, 2014 01:24AM ET
The Sept-Oct nosedive in iShares MSCI Brazil Capped (ARCA:EWZ) coincided with electoral poll deterioration of the Presidential challenger Neves, and has culminated with what looks like a final, potential downside exhaustion gap in the aftermath of Rousseff's victory yesterday. iShares MSCI Brazil Capped.
Let's watch EWZ closely now for signs of a selling climax into the 35.00-34.00 target zone, followed by a powerful upside reversal that indicates the Brazilian ETF is sold out and ripe for a sharp recovery rally.
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