{"id":4422,"date":"2011-04-02T17:52:20","date_gmt":"2011-04-02T21:52:20","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=4422"},"modified":"2011-04-02T17:52:20","modified_gmt":"2011-04-02T21:52:20","slug":"ewz-breaks-out-again","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2011\/04\/02\/ewz-breaks-out-again\/","title":{"rendered":"EWZ Breaks Out and “Gets Away” Again"},"content":{"rendered":"

As I watched the U.S. dollar swiftly reverse course after some early post-employment numbers strength, I concluded that this was the final confirmation I needed that the dollar is going much lower from here. I made a point to review my list of commodity charts and then did a quick check of EWZ, the iShares MSCI Brazil Index Fund ETF. Sure enough, the EWZ had a strong day on Friday. Moreover, it had a strong week, gaining 5% as part of an impressive breakout.<\/p>\n

EWZ’s breakout also leaves me empty-handed, as I had been trying to patiently wait for EWZ to complete a 20% correction before buying back in. I expected such a sell-off after EWZ closed below its 200DMA in February<\/a>. The chart below summarizes the action.<\/p>\n


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

This is the second time I have missed a breakout on EWZ. The first one was last September<\/a>. With the growing weakness in the U.S. dollar<\/a>, it is time to get a bit more aggressive in anti-dollar bets. This decision includes a buy of EWZ on the next opportunity (hopefully a dip). The convergence of the 50 and 200-day moving averages (DMAs) should provide firm support for any near-term dips in the ETF.<\/p>\n

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

Full disclosure: no positions<\/p>\n","protected":false},"excerpt":{"rendered":"

As I watched the U.S. dollar swiftly reverse course after some early post-employment numbers strength, I concluded that this was the final confirmation I needed that the dollar is going much lower from here. I made a point to review my list of commodity charts and then did a quick check of EWZ, the iShares … 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":[181,482,62],"tags":[183,361,1597],"class_list":["post-4422","post","type-post","status-publish","format-standard","hentry","category-brazil","category-breakout","category-technical-analysis","tag-ewz","tag-ishares-msci-brazil-index-fund-etf","tag-technical-analysis"],"yoast_head":"\nEWZ Breaks Out and "Gets Away" Again - 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\/2011\/04\/02\/ewz-breaks-out-again\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EWZ Breaks Out and "Gets Away" Again - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"As I watched the U.S. dollar swiftly reverse course after some early post-employment numbers strength, I concluded that this was the final confirmation I needed that the dollar is going much lower from here. 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