Brazil Still Strong

05/29/2009 9:37 am EST


Thomas Aspray

, Professional Trader & Analyst


While many of the major US and European averages are still locked in trading ranges, EWZ, the Brazil ETF, closed at new rebound highs on Thursday. The 38% resistance is now being tested with the 50% resistance in the $65 area. Volume has been good on the rally, and the 50- and 200-day MAs have recently turned positive.

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