Currently: Short Looking to: Cover @ $34.35
As of 1/22/21 close: $35.04
LAST WEEK: We suggested covering shorts and getting long of EWZ at $34.35 with stops on a close below $33.23 and with a target of $40.
UPDATE: The iShares Brazil ETF (EWZ) started working its way lower towards our covering target of $34.35.
We see even more downside than that ahead for EWZ. However, we will continue to look to cover the shorts at $34.35 purely out of discipline. We will look to start new longs on an extended dip to $33.23 with stops on a close below $33 and with an upside target of $40.