Currently: Cash Looking to: Short @ $38.50
As of 1/8/21 close: $37.70
LAST WEEK: We suggested buying EWZ on a pullback to $35.26 with stops on a close below $34.30 and with a target for selling longs / getting short at $40.45.
UPDATE: The iShares Brazil ETF (EWZ) dipped mildly early last week and then rallied into the weekend. EWZ still has more work to do on the upside – even in the most bearish of possible scenarios. However, ahead of that remaining upside, we may see a pullback.
Look to short EWZ or other Brazilian proxies when EWZ tests $38.50 with stops on a close above $39 and with a target for covering at $35.77. Look to get long on a dip to $34.48 with a target of $40.48.