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Brazil Waterfall In Prices Starting To Impact The U.S.?

By Chris KimbleStock MarketsMay 18, 2017 09:06AM ET
www.investing.com/analysis/brazil;-waterfall-in-prices-starting-impact-u.s.-200189943
Brazil Waterfall In Prices Starting To Impact The U.S.?
By Chris Kimble   |  May 18, 2017 09:06AM ET
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Below looks at the iShares MSCI Brazil Capped (NYSE:EWZ) over the last decade. The rally over the past year has it facing a critical level, from a Power of the Pattern perspective.

EWZ Weekly Chart
EWZ Weekly Chart

EWZ is facing dual resistance at (1), while in a 9-year down trend of lower highs and lower lows. The counter trend rally over the past 17-months has it testing key falling resistance. Did the counter trend reflation rally just end at dual resistance???

If EWZ breaks support at (1), it should attract selling pressure. If it falls hard, the decline could well put the hurts to iShares MSCI Emerging Markets (NYSE:EEM) and potentially ripple into the stock market in the states!!!

Brazil Waterfall In Prices Starting To Impact The U.S.?
 

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Brazil Waterfall In Prices Starting To Impact The U.S.?

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