Currently: Short Looking to: Cover @ $34.35
As of 1/15/21 close: $36.89
LAST WEEK: We suggested shorting EWZ or Brazilian stock proxies when EWZ tested $38.50 with stops on a close above $39 and with a covering target of $35.77. We suggested new longs at $34.48 with a target of $48.
UPDATE: The iShares Brazil ETF (EWZ) made it up to our short trigger at $38.50 and has started to pull back. We expect it will dip to at least $34.35 before the next stage of the macro rally commences.
We would cover shorts and get long of EWZ at $34.35 with stops on longs on a close below $33.23 and with an upside target of $40.00.