trademan1
Long

EWZ oversold with bullish divergence

AMEX:EWZ   ISHARES INC ISHARES MSCI BRAZIL ETF
96 0 1
EWZ             is at the lower bollinger band with stochastics oversold. It is backed up by the RSI also recently exiting the oversold lower boundary area, which is a buy signal. All the weak hands and people with close stops got flushed out. Now the MACD histogram also shows bullish divergence and is about to cross the zero line. A good risk to reward trade can be made placing stops at the low where they got flushed out earlier, now that they're gone. It was a good place, just the wrong time. Also observed is a pipe bottom candlestick followed by a gap up at the lower band.
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