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.
Goatmug – www.goatmug.blogspot.com
