View: EWZ_Weekly_May102015.jpg

EWZ_Weekly_May102015.jpg

Brazil ETF faces key resistance area test on weekly chart. 

EWZ bounced off of major support from 2008 lows earlier this year, and ran smack into the top of that 2008-2009 low range. 

Another test and failure at this level, and we could see a reversal lower. 

Petrobras makes up a huge part of EWZ, so as it (and brent oil) goes, so goes EWZ.

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