This emerging market is breaking a 15 year downtrend, and I expect it to follow India. Countries that stay neutral in crazy geopolitical times tend to do very well. There are a lot of fundamental reasons to long Brazil that I won't enumerate here, commodity-rich etc, interest rates, etc.
The TA is the main thing here, TP 1 will get hit this year, and TP 1 Would be about 48, imo. TP2, $91.20 as I have it on the chart, could get hit earlier or by 2026 I'm not sure. I think that there could be a move symmetric and inverted to the 2008 down move (longer of course), but markets love mean reversion.
On the side of risk, China is dumping and they are Brazil's biggest supporter, so I believe that is the downside risk and why you should enforce the stop around $31.
The TA is the main thing here, TP 1 will get hit this year, and TP 1 Would be about 48, imo. TP2, $91.20 as I have it on the chart, could get hit earlier or by 2026 I'm not sure. I think that there could be a move symmetric and inverted to the 2008 down move (longer of course), but markets love mean reversion.
On the side of risk, China is dumping and they are Brazil's biggest supporter, so I believe that is the downside risk and why you should enforce the stop around $31.