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By Mike Paulenoff, www.MPTrader.com
Without a doubt, anything commodity-related is getting hammered today -- moreso if it is tied to oil and grains, like Brazil, which has just discovered a huge oil deposit and is a major grain exporter. Let's notice that today's weakness in the iShares Brazil ETF (AMEX: EWZ) has violated key intermediate-term support at 83.00-82.00, which represent both the August 07-July 08 trendline and the sharply rising 200 DMA. Indeed, serious technical damage has been sustained by the EWZ, which projects next into the 75.40/00 target zone.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
