MSCI Brazil Index Fund: Buy At $40.35

Published 02/07/2014, 12:28 AM
Updated 07/09/2023, 06:32 AM
IBRX
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From a technical view, the ETF is shaping a tentative symmetrical triangle since we can see two market reactions around the 76.4% Fibonacci retracement (April 2011 and February 2014) for now. Regarding technical indicators, both the monthly RSI and the monthly MACD are facing a support area. On a relative basis against the IVV S&P500, the iShares MSCI Brazil Index Fund is reversing up from the 76.4% Fibonacci retracement of the entire up move started in 2002.

Trading strategy:

Buy at $40.35 - Stop loss at $37.80 - Target at $57.25
MSCI Brazil Index Daily Chart

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