Thoughts on $EWZ at this 35.00-35.20 range
Been watching $EWZ for a while now, and this current dip down to the 35.00-35.20 area is catching my eye. It's a level that's shown some historical support, or at least a place where buyers have stepped in previously. Given today's move down to 35.22, it feels like it's testing that psychological boundary again.
I'm curious if others are seeing the same thing. On one hand, a bounce here would suggest that this range still holds some significance. On the other hand, a decisive break below 35.00, especially if we see follow-through selling into tomorrow, would really change the picture for me and suggest the next leg down could be in play. Just trying to gauge the collective temperature on whether this is a dip worth exploring or if the broader trend is too strong to fight here. What are your thoughts on this level?
It's interesting you bring up EWZ at this level. While 35.00-35.20 has shown some prior interest, I'm a bit more cautious given the broader market sentiment and commodity prices. Are you seeing any specific catalysts that might encourage buyers to step in strongly here, beyond just the historical support?