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Saturday, May 20, 2017
"Sell" Signal Triggered on Brazil's Bovespa Index
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.