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Brazil ETF EWZ in bullish momentum

In the chart we’ve drawn the descending channel EWZ – the iShares MSCI Brazil Capped ETF – has been following for nearly three months.

This downtrend, though, broke in the last sessions as price broke above the upper border of the channel with a series of bullish candlesticks. In fact, price has crossed over its 10-day exponential moving average and is close to the upper Bollinger Band and the orange resistance line at about 42.

Of course, this strong bullish momentum buildup has been shown in MACD that moved above its signal line and is ready to move to positive territory.

Finally, EWZ’s Relative Strength has also moved above its 20-day exponential moving average.

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