Trade Setup: EWZ

I bought 200 shares of EWZ at $95.21.

Setup: Breakout and Trend Pullback. A low volume orderly pullback to the 20 day moving average. Strong obv and stochastics have reached extremely oversold levels.

Risk: My intial target is the recent high at $100. I would likely take partial profits, move my stop up to my buy price, and hold the rest into new highs. My stop is just under the 50 day moving average, which makes this a very low risk trade.

Concerns: The overall market. Also, some Brazilian stocks have moved lower on higher volume than the ETF.

Note: This is the second time I have traded EWZ since it initially broke over $90. The intial trade was a breaout-pullback while this one is more of a trend trade.


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