Above is a chart of EWZ, an ETF tracking brazilian shares. There is not much to write about here, but as goes the commodities so goes brazil. We are looking to scale into EWZ to make another iteration in the channel. We are right on the bottom end of the channel, the stochs oversold and the RSI is just about lifting off. Somehow, we believe this will be the last iteration. But that is a story for another month.
5 comments:
Look at KOL, or many of its components, for an energy play, that has an uptrending chart that appears to be in the bottom half of its channel coming off the bottom half of its channel. Whatcha think?
The KOL chart is only 8 months old. I would strictly at least an yearly chart. But in any case, looks like the uptrend has failed recently in KOL, that is not to say, it will not go up - but the pace of growth has slowed down.
I am neutral towards it. I would prefer it to break 54-55 range before buying into it. I would not be surprised to see it around 45 too.
Good luck in your trading.
KOL is a new ETF. But its underlying components are much older, such as:
ACI
JOYG
BTU
CNX
WLT
That way you can have a full year's view.
BTW, here is a link in the video near the bottom from an expert who thinks we may be near a bottom in financials. Of course if we don't find a bottom for them soon, they'll disappear.
Link
Coal is following oil down. May be at an attractive price soon.
Fertilizer (potash) prices going up.
Link to July 16 2008 article
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