Took longer to develop as the market decided to test the upper level of the 3 year trend channel In the meantime, we had several bearish and bullish engulfing patterns and an up sloping trendline (orange) formed. The previous highs made at 15.50 developed and formed a divergence with RSI and Stochastik. Spreads were stable but collapsed as SB sold of on...
Looking for some downside correction as we reached the upper trend channel IMHO - Ran into resistance without follow through for today. - Overbought on daily chart - At upper BBands on weekly chart NOTE: - There is chatter of weather issues (drought) in Brazil, so I am cautious - Also, 9 day MA crossed 20 day, 50 and 100day MA north, so that is bullish too
The BRICS (Brazil, Russia, India, China and South Africa) are highly watched emerging markets because they represented roughly 22 percent of global GDP in 2014. However, the global economic slowdown and increased geopolitical tension has weighed heavy on these markets. Although, India may be the most resilient economy out of the BRICS. India has felt its share of...
Still bullish SB as it appreciated over the past month. It really gained momentum has it had to break out from oversold conditions. What happened over the course was the term structure (future spreads) are now in backwardation for the entire next year. This leaves me with remaining bullish as it foreshadows supply tightness coming out of Brazil. Also the USDBRL...
Hammer formation and bullish engulfing at the lower end of a 3 year downtrend channel and lower Bollinger band Short term target around the upper Bollinger band with further upside towards the higher end of the trend channel Also to note: USD/BRL is on a mutliyear high, hence a retracement in the currency pair would send the prices in Sugar higher.
Looking 4.015-4.065 for possible reversal signs
Brazilian Real on a multi-year support range
Awaiting development in USDBRL on this symmetrical triangle formation Most of the time if a triangle like this happens in a trend, the breakout that follows goes with the trend. Yet, to me, it is wait and see. Implications on commodities: - Breakout higher would be bearish for sugar and coffee (both traded in USD on the ICE) - Breakout lower would mean...
Arguments for upside: - Broke 100 day MA at 132 - Several MAs crossing - Fundamental tightness supports prices Arguments for downside: - Weakening future spreads - Low volume on advance during past two days What is the deciding factor? - Currency rate USD/BRL. Long time highs - If the USD/BRL retraces more (currently overbought on daily, weekly and monthly time...
Yacine Kanoun brought this stock to my attention. I'm considering purchasing calls with a strike price of 40usd and an expiration date on March 6th. The spread between USDBRL and EWZ is reaching similar percentages to what has show in the past, so I think that it's due for an adjustment, and thus agree with Yacine. I also spotted a technical key level, which I...