IBOVESPA UPDATE
I really liked the way Ibovespa behaved today. The move was supported by the return of foreign investor flows and by the formation of a bottom right at the support zone marked by the uptrend line that has been in place for over two years. That confirmed my decision to open a speculative long in that area was the right call.
Does this mean I will scale up tomorrow? No. I still need a cleaner technical setup and clearer catalysts coming from the electoral front. The Brazilian market remains cheap and closely linked to commodity prices, which I like. But I would rather see Ibovespa break the nearest resistance around the 179 K level, ideally after a short period of consolidation as shown by the green arrows on the chart.
Once that breakout happens, I will increase the position and make it more substantial.
I really liked the way Ibovespa behaved today. The move was supported by the return of foreign investor flows and by the formation of a bottom right at the support zone marked by the uptrend line that has been in place for over two years. That confirmed my decision to open a speculative long in that area was the right call.
Does this mean I will scale up tomorrow? No. I still need a cleaner technical setup and clearer catalysts coming from the electoral front. The Brazilian market remains cheap and closely linked to commodity prices, which I like. But I would rather see Ibovespa break the nearest resistance around the 179 K level, ideally after a short period of consolidation as shown by the green arrows on the chart.
Once that breakout happens, I will increase the position and make it more substantial.
