Thursday, July 28, 2011
BOVESPA - Brazilian Equities in a Downtrend
Downtrend target for BOVESPA > 58000 where previous Low should act as Support.
Vale is sitting on the 20 Day SMA and 32.02 looks as short-term target where the 200-Day SMA lies.
Petrobras hits Resistance at 35.19 and goes back to base around 33 and 33.65 where the 20-Day SMA would provide Support.
ITAU Bank trend down the channel with a target at 18.85 - a confluence of old Lows and the 200 -Week SMA Support.
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