In Search For Profits

Tuesday, March 23, 2004


Brazilian emerging market looking technically ugly



According to GrafistaBsb, these are bear market signs: a drop that breaks the bullish trendline followed by a failure to resume the climb to above the 61.8% fibonacci mark and another drop to below the first drop. To me, that first double top was enough to convince to take profits and bravely run away like Sir Robin.

Now, the Bovespa index has to maintain the bottom at 20800, otherwise it can drop to 18000 on its main trendline. Things still look good long term though.






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