Viking83
Short

An inverse trip to Brazil

AMEX:EWZ   ISHARES INC ISHARES MSCI BRAZIL ETF
174 15 5
Brazil is known for nice beaches, women and carpirinhas.
The beautiful Christ the Redeemer is placed high above Rio             .
Raging high is also the price of EWZ             which is stretched more than 30 % above its 200 DMA.
It has reached 1.618 of its previous intermediate top and it is due for an intermediate cycle low correction soon.
It has met a big resistance level and its RSI indicates heavily overbought conditions.
Wait for "double top" and take position in BRZS which is 3x inverse EWZ             . Recommend start with 50% position and increase by 50% after first confirmation.
Comment: BRZS has been liquidated!
Position can be taken in BZQ instead which is 2X inverse EWZ
Comment: I would reccommend waiting a bit before entering, today it found "support" @ the black level. I suspect it will make one final small run up to the resistance zone just to fail.
Therefore, always wait for price confirmation before entering!
Comment: There is significant resistance meeting EWZ at these levels. It failed at the 200WA and could not make a higher high today. I suspect that EWZ can go as high as 40, up from current close level at about 38. There it meet the outer resistance band from both ATH + this yearly bottom.

I added 25 % position @ close today.

I will add another 25 % position @ 39 and another 50 % @ 40.

If we dont get to 40, I add 50 % when confirmed swing high.
Comment: We never got up to 39-40 area.
I added today @ the close as we closed beneath the black resistance zone.
If you go now, u can still pick up some shares in the aftermarket.

Comment: I am now 100 % invested in this position. Today after it was down 1.6 % I sold all BZQ positions and bought 100 EWZ February puts. So far they are in very nice profit.
It is a LONG way down to that 200 MA.
Stock markets have confirmed ICL decline. So will this one in a couple of days.
This trade will lead to insane profits.
Comment: Finally a waterfall.
Comment: We might get a testback of the breakout area. Suggest to take some profits and re-load later.
Comment: Targets.
Bear intact.
Comment: EWZ hit 32 premarket and bounced as expeted.
Targets...
Reply
chachiman Viking83
@Viking83, Great call again Viking83. Closed out my positions at $21.80. Will look for a bounce and re-enter. If I miss the next entry point, all good. You made me +29% in 3 days. Look forward to your updates.
Reply
Great Call. Went with BZQ @ $16.86 yesterday and doing good today. Keep up the great analysis
Reply
Viking83 chachiman
@chachiman, You're welcome!
Reply
BRZS? It doesn't exist!
Reply
I saw that! We have to take position in BZQ instead!
Reply
joabelb Viking83
OK. Do you recommend going long now?
Reply
I do not reccomend going long now!
Reply
joabelb Viking83
I meant going long on BZQ (Short EWZ).
Reply
Yes. It is still a bit risky to start a long, but I started my first 25 % of position @ close.
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out