Tuesday, January 22, 2008

EWZ Update

EWZ took a hit today along with the rest of the market. It failed the the 70 support and fell below the 200 day moving average intra day. However it closed at 69.6 which gives it some hope. If the stock fails to move above 70 and hold, it might have more downside coming. The next few days are critical for EWZ and the whole market!

UPDATE: In mid August EWZ provided a great buying opportunity. Could today's action be providing us with the same opportunity? Or are we headed more towards a sideway action like in mid 2006.