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.