iShares MSCI Brazil (EWZ) is trading at it high. A careful review of the point and figure chart of EWZ shows it trading well above its bullish support line at $31. Supply and demand (X’s & O’s) have battled between $33 and $40 until demand won the battle and surged to $48 by January 2007. The chart above shows EWZ currently in a column of X’s having just broken through a double top. Brazil is tracked by MyPortfolioViews unique database available to subscribers. Want more Click here.
DE Smith
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