Brazil ETF (EWZ) Breaking Below Support Lines (daily chart)

click chart to enlarge

In 2015, Brazil ETF (EWZ) bounced up off the two support lines (dashed blue) shown in the daily chart above.  By the end of 2015, the price of EWZ had fallen back to these lines.

Now on the first day of trading in 2016, it appears that EWZ is breaking below both of these support lines.

If EWZ does move back above these lines, how far could it fall? We don't know.  But there may be another support line in the $16/share price area. 

Please remember that this is not investment advice. You alone are responsible for your investment decisions. See disclaimers below and elsewhere on this website.

Not Investment Advice | Important Disclaimer: 

The content in this article, including the identification and discussion of any specific security (e.g., bond fund), is NOT meant to be and should NOT be construed and/or used as investment advice. This article is for general information and educational purposes only. Please read the Disclaimers  for junkbondrecycling.com in their entirety. The U.S. Securities and Exchange Commission website has guidance on selecting an investment adviser.

Financial Disclosure:
The author/publisher has no position (long or short) in EWZ at the time this article was written. This position may change depending on future price action.

Base Chart Provided Courtesy of StockCharts.com.  Analysis and Annotation by JunkBond Recycling.com (all rights reserved)