The Bovespa Index broke its descending trendline and resistance at 58000 to complete a classic Dow reversal. A higher trough on 13-week Twiggs Money Flow indicates long-term buying support. Consolidation below 60000 has formed a bullish ascending triangle; upward breakout is likely and would confirm a target of 70000.
* Target calculation: 60 + ( 60 – 50 ) = 70
Hi Colin,
Thank you very much.
Best regards,
Manoel Barros Neto