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Though some of the US averages and country ETFs are either testing or have violated the mid-July lows, the iShares MSCI Brazil ETF (EWZ) continues to act much better. Though the 50- and 200-day MAs are still negative, the recent pullback held well above the rising 50-day MA and the daily chart pattern looks positive. A strong close above the $72.40 level would reassert the uptrend. Initial support is now at $67.30 with more important support at $64.
Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.
