Congratulations to long-time reader “ultramarine1” for correctly guessing the mystery chart from my last post.
As ultra noted, the chart is of Brazilian bank ITUB. I presented the monthly timeframe, which has been on shaky ground for a while. The daily timeframe is equally vulnerable. However, Brazil and emerging markets have already taken more than their fair share of pain this year. So, perhaps it is a basing process. Also contrast this action to the American banks, which have been much stronger of late.
Here is that ultra had to say:
It’s ITUB: Banco Itau S A Adr.
I noticed EWZ (MSCI Brazil ETF) had a similar monthly pattern, and ITUB was listed as one of the larger holdings.The US appears to have the stronger market, so depends on the economic outlook for Brazil next year. The monthly chart shows near-term consolidation, and the daily chart shows the price hovering around an old resistance line from 6 months ago.
What do you think?
Thank you to everyone who played.
I will be back later tonight with trading ideas for Monday.
But I already gave tight analysis in my latest Weekly Strategy Session published, earlier today. Check it out!
___________________________________________________________
Yay..
that was my guess, too..
😉
Very Merry Christmas to all here at iBC
~Sincerely
(not even close at guessing correctly..hmm?)
Merry Christmas, Soozy.