Brazil Strong on Heavy Volume

05/04/2009 10:19 am EST

Focus: ETFS

Thomas Aspray

, Professional Trader & Analyst

chart

The Brazil ETF (EWZ) closed Friday above its 200-day moving average on very heavy volume. This is quite bullish action, with next resistance at $53-$55 and more significant resistance in the $65 area. Good support is now at $43-$45.