A new "sell" signal has triggered on all three technical indicators for Brazil's Bovespa Index (BVSP), following Thursday's "shock drop," as shown on the Daily chart below.
Near-term price resistance and support levels sit at 65,000 and 62,500, respectively, followed by longer-term support at 57,000.
Looking at a bigger-picture Monthly chart below, we see that longer-term Fibonacci resistance is around 64,400 and shorter-term Fibonacci support is around 61,800.
As is the case with longer term price support (noted above), there is a convergence of major long and short-term Fibonacci support around 57,000.
If price fails to hold above the 200-day moving average (62,276), as well as short-term Fib support at 61,800, we could see a swift drop to major Fib support at 57,000, or lower.
Welcome and thank you for visiting!
The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex
DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...
please read my full Disclaimer at this link.
UPCOMING (MAJOR) ECONOMIC EVENTS...
* Mon. July 3 @ 1:00 pm ET ~ U.S. Markets close early for Independence Day holiday
* Tues. July 4 ~ U.S. Markets closed for Independence Day holiday
* Wed. July 5 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Fri. July 7 @ 8:30 am ET ~ Employment Data
* Wed. July 12 @ 2:00 pm ET ~ Beige Book Report
* Tues. July 25 ~ 2-day FOMC Meeting Begins
* Wed. July 26 @ 2:00 pm ET ~ FOMC Announcement
* Tues. Sept. 19 ~ 2-day FOMC Meeting Begins
* Wed. Sept. 20 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts + @ 2:30 pm ET ~ Fed Chair Press Conference
* Tues. Oct. 31 ~ 2-day FOMC Meeting Begins
* Wed. Nov. 1 @ 2:00 pm ET ~ FOMC Announcement
* Tues. Dec. 12 ~ 2-day FOMC Meeting Begins
* Wed. Dec. 13 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts + @ 2:30 pm ET ~ Fed Chair Press Conference