Swing Trade Idea – (EWZ) – July 08, 2020
Our bullish trade for Wednesday, July 8th is EWZ (iShares MSCI Brazil ETF). EWZ is an ETF that tracks large and mid-sized companies in Brazil. EWZ has experienced a 12.6% loss in the last month and its 1M trend turned neutral on July 7th.
EWZ has recently pulled back to an area of support and bounced higher with strong momentum. With a technical score of 3 (out of 10), EWZ is a weak stock that will likely move higher.
As a stop loss, if EWZ were to trade below $28.00 for multiple days, this would invalidate our analysis and we would focus on cutting losses on the trade. We would also consider cutting losses on this options trade if the value of the vertical spread moves above $1.80.
