Trade Entry: EWZ Bounce Play

I bought 500 shares of EWZ at $90.06.

Setup: Oversold bounce setup. I had a buy stop set above $90. Volume was great today, and the highs held, unlike that of the Dow.

Risk: My stop is set under the recent lows. Target is the $94-95 range. I chose the Brazilian ETF over the US markets for obvious reasons. EWZ is technically more sound and has reacted better as a bounce play.

Concerns: The 50 day moving average provides overhead resistance.


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