Head and Shoulders Pattern on Brazilian Real = Tailwind
EWZ is a derivative of the Brazilian stock market ( IBOV ) and the USD/BRL relationship. There is a clear head and shoulders pattern developing in the Brazilian Real. The drop in the Real should provide a tailwind for Brazilian stocks. On top of that, the IBOV just broke out above 90,000. I see continued upside in EWZ and BRZU as a result. This can be seen in the clear bullish channel in the EWZ chart
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.