EWZ Breakout Continuation
Long Idea.
Since Q4 2022,
EWZ has been trading below the 200D and has recently seem some breakout gaps to the upside with some relatively high volume. I looked at option flow today (4/13) and 34s and 39s got lit up (seeing volume of 37K for each strike).
Now, my first impression was that this could be a short. However, I'm willing to challenge my initial idea and go long here, trading the breakout to the upside.
Buy targets: 29 / 28.5 / 28
Profit targets: 30.5 / 31 / 32 / 33
Trade is invalidated < 27.5, or acceptance back into the monthly distribution.
Since Q4 2022,
EWZ has been trading below the 200D and has recently seem some breakout gaps to the upside with some relatively high volume. I looked at option flow today (4/13) and 34s and 39s got lit up (seeing volume of 37K for each strike). Now, my first impression was that this could be a short. However, I'm willing to challenge my initial idea and go long here, trading the breakout to the upside.
Buy targets: 29 / 28.5 / 28
Profit targets: 30.5 / 31 / 32 / 33
Trade is invalidated < 27.5, or acceptance back into the monthly distribution.
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