Brazilian ETF at Critical Juncture
09/20/2010 9:49 am EST
The iShares MSCI Brazil ETF (EWZ) is reaching what appears to be a critical juncture. The pullback in August did hold the important support at $64 and EWZ has rebounded to the resistance above $73. The 50- and 200-day moving averages (MAs) have come together, but EWZ likely needs to close above the stronger resistance at $76.40 to signal an upside breakout. Initial support is now at $69.30-$69.80 with key support at $66.
Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.