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The Brazilian ETF is down -26% in the PM now after a surprising late win from Lula over Bolsonaro and the market appears to be caught off guard by this announcement
When Bolsonaro won the first test of the election, the market roared higher as he was the US backed candidate who is very much pro capitalism and has a good relationship with Trump, where Lula is a populist leader who leans as a socialist at times
That being said, Lula has now won his 4th Presidential election and Brazil has been moving as a positive emerging market over this time....arguably I don't expect this to change
On the chart, we can clearly see that the pull back has come down to the 200 WMA perfectly in the PM, which also aligns with the 0.618 Fib between $30 - $31I believe the sell off is excessive here and a hold in this range will offer an opportunity
No changes to the overall count
+3.4% Dividend too.
The Brazilian ETF is down -26% in the PM now after a surprising late win from Lula over Bolsonaro and the market appears to be caught off guard by this announcement
When Bolsonaro won the first test of the election, the market roared higher as he was the US backed candidate who is very much pro capitalism and has a good relationship with Trump, where Lula is a populist leader who leans as a socialist at times
That being said, Lula has now won his 4th Presidential election and Brazil has been moving as a positive emerging market over this time....arguably I don't expect this to change
On the chart, we can clearly see that the pull back has come down to the 200 WMA perfectly in the PM, which also aligns with the 0.618 Fib between $30 - $31I believe the sell off is excessive here and a hold in this range will offer an opportunity
No changes to the overall count
+3.4% Dividend too.
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