Don't Ignore This Chart!

Bovespa Index tests support

The Brazilian Bovespa Index ($BVSP) is testing support in the 62,000 area. There is a support zone from 60,000 to 61,300 that extends back to the late October low. The index has been swinging from this support zone to a resistance zone in the low 70,000 area. Brazil is part of the BRIC ETF (BKF).

100512bvsp Click this image for details
Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London. Learn More
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