Since Q4 2022, EWZ has been trading below the 200D and has recently seem some breakout gaps to the upside with some relatively high volume. I looked at option flow today (4/13) and 34s and 39s got lit up (seeing volume of 37K for each strike).
Now, my first impression was that this could be a short. However, I'm willing to challenge my initial idea and go long here, trading the breakout to the upside.
Buy targets: 29 / 28.5 / 28
Profit targets: 30.5 / 31 / 32 / 33
Trade is invalidated < 27.5, or acceptance back into the monthly distribution.
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