{"id":2634,"date":"2010-09-21T10:44:26","date_gmt":"2010-09-21T14:44:26","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=2634"},"modified":"2010-09-21T10:45:25","modified_gmt":"2010-09-21T14:45:25","slug":"ewz-breaks-out","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2010\/09\/21\/ewz-breaks-out\/","title":{"rendered":"The Brazil Index Fund ETF (EWZ) Breaks Out"},"content":{"rendered":"

Looks like the days of buying EWZ after a 20% correction and waiting out the recovery<\/a> may be coming to an end for now. Last week, the Brazil Index Fund ETF, EWZ, broke out above a nine-month long downtrend.<\/p>\n


\n
\"EWZ<\/a>
EWZ breaks out<\/figcaption><\/figure>
\n*Chart created using TeleChart:<\/strong> <\/a>
\n<\/center>
\n<\/p>\n

This is a very bullish development and opens up the prospect of an extended rally for EWZ. Petroleo Brasileiro SA (PBR), or Petrobras, Brazil’s major state-owned oil company, is executing an expanded sale of shares on September 29th to finance some major development plans<\/a> which may increase the government’s ownership in the company. PBR will price the shares on Thursday<\/a>. I am trying to wait for the market’s reaction to these events before re-initiating a position in EWZ.<\/p>\n

Be careful out there!<\/p>\n

Full disclosure: long PBR<\/p>\n","protected":false},"excerpt":{"rendered":"

Looks like the days of buying EWZ after a 20% correction and waiting out the recovery may be coming to an end for now. Last week, the Brazil Index Fund ETF, EWZ, broke out above a nine-month long downtrend. *Chart created using TeleChart: This is a very bullish development and opens up the prospect of … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[181,377,135,62],"tags":[245,183,422,424,423,1597],"class_list":["post-2634","post","type-post","status-publish","format-standard","hentry","category-brazil","category-oil","category-stock-market-trading","category-technical-analysis","tag-brazil-index-fund-etf","tag-ewz","tag-pbr","tag-petrobras","tag-petroleo-brasileiro-sa","tag-technical-analysis"],"yoast_head":"\nThe Brazil Index Fund ETF (EWZ) Breaks Out - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2010\/09\/21\/ewz-breaks-out\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Brazil Index Fund ETF (EWZ) Breaks Out - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"Looks like the days of buying EWZ after a 20% correction and waiting out the recovery may be coming to an end for now. 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