Brazillian Bovespa Breaks Out in Multiple Time Frames, Projects Higher to 64,000
The Brazilian Bovespa has broken above its intermediate term resistance of 57,071 as of the close of trading on Aug. 10, according to three TAS Professional indicators.
The move confirms the slight break of resistance the prior week and the bullish signal from the TAS Pro Navigator.
The top chart also shows a double distribution of volume over the last five years. This rally may fill the gap between the two distributions and thus provides an upside target of 64,000.
In addition to the breakout on the weekly chart, the daily chart suggests the same. The daily chart is not shown, but is available at G BBTA 172 <GO>. It shows price breaking out above resistance from the Dynamic VAP indicator on Aug. 6. Above the current price level is a gap in the distribution and two smaller distribution peaks at 62,300 and 66,000.