Watching EWZ for a bounce, but volume concerns
Been keeping an eye on $EWZ today. It's dipped down to 35.34, hitting the lower end of its daily range at 35.22. This area around 35.20-35.30 has acted as a decent support zone on a few occasions over the past month. I'm looking to see if it can establish a base here, perhaps a double bottom forming on the shorter timeframes if it holds through the close.
My main concern, however, is the volume profile on this move down. It's not exceptionally high, but it's consistent selling pressure. If we break definitively below 35.20 on any meaningful volume, especially into tomorrow's open, then this whole idea of a bounce gets invalidated pretty quickly for me. That would suggest a retest of the low 34s, or even 33s, is more likely. I'm not making a move yet, just observing the reaction around this level.
Volume is always a factor, but sometimes support holds even on lighter volume if there isn't significant selling pressure. It's more about the lack of conviction to push it lower at that point.