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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
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NOTABLE POSTS WITH IMPORTANT UPDATES...

Saturday, May 20, 2017

"Sell" Signal Triggered on Brazil's Bovespa Index

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.