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Brazil (EWZ) – Short Entry Looking Good

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EWZ is looking like it is ripe to short.  On January 10th the etf was trading near $78.00.  On 2/5/2010 traded at $61 and rocketed back to where it is today at $70.00

I have drawn a trend line that indicates upper resistance at $71.25 where I'd set my stop  In addition.  If EWZ falls, I will set an exit point at $63.50 to attempt to capture approximately $6.00.

The resurgence over the last two weeks has been on declining volume and this gives me more conviction to make this trade.

ScreenHunter_01 Feb. 19 12.57

 Goatmug – www.goatmug.blogspot.com