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EWZ pushing 35, watching prior resistance
Watching $EWZ today. It's pressing against the 34.90-35.00 zone, which was pretty solid resistance back in late May. If it can chew through this on decent volume, especially with the day high already at 34.93, we could see a move towards 36. My concern is a fade if it can't sustain above 35 by close.
The risk, for me, is a sharp rejection from this area, perhaps dropping back to retest the 34.20 level that acted as support earlier this week. The $UST move is interesting but not directly correlated enough to offer strong conviction either way on EWZ's immediate future here.
1 comments · 17 points
It's definitely at a key level. I'd be looking for a higher close above 35.00 before getting too optimistic, otherwise, it could just be another liquidity grab at resistance.