The Bovespa Index (IBOV) tried to breakout from resistance @ 87-88k, but only managed to make a false breakout, hitting 91k, and then returning aggressively below that same resistance.
After the very bullish candle on Dec 10th, the next 4 days couldn't even touch the high from that candle. Therefore, it seems to be only a healthy retracement before continuing going down.
Next major resistance is around the 83k level, and I don't see much that can keep it from getting there. No major economic positive news should come in the next few weeks, and the international scenario is clearly pulling everything south.
On the technical side, we have RSI & MACD divergence supporting the above analysis.
After the very bullish candle on Dec 10th, the next 4 days couldn't even touch the high from that candle. Therefore, it seems to be only a healthy retracement before continuing going down.
Next major resistance is around the 83k level, and I don't see much that can keep it from getting there. No major economic positive news should come in the next few weeks, and the international scenario is clearly pulling everything south.
On the technical side, we have RSI & MACD divergence supporting the above analysis.
Comment:
On "Next major resistance", I meant "Next Major Support"...
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