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Brazil 60 - Possible Next Leg Up?

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Looking at the Brazil 60 chart, could it be preparing for the next leg upwards?


I am surprised that more on the IG Community have not been talking about Brazil. 

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From a trend following perspective, one should welcome volatility. 


Also Bitcoin is one of the strongest trends and bull markets I have witnessed yet it is one of the most volatile trades ever.


If you want to know the volatility then just look at the Brazil charts!

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Brazil 60 looking strong over July 2018 as the chart below shows.



Now if you look at the chart with the 20 day, 50 day and 100 day moving averages then you will appreciate that this could start to get interesting for trend followers who have not entered this trade yet. 


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Brazil 60 up nearly 3000 points at the time of writing which is just below 4%. That is not bad in one day. Add leverage and you get my point.



It is trading above its 20, 50 and 100 day moving averages which is a positive sign. There is a risk that it resumes downwards but if it surpasses 82.5k then the long term trend could be set for its next leg upwards.

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This has surpassed 82.5. I think now the next target has to be around the 87.5k area. Then we are looking at brand new highs and new higher highs.


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Brazil 60 up over 3330 points at the time of writing which is over 4% for the day.

It is getting very close to that 87.5 level.

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Brazil 60 is up over 3000 points at the time of writing. This is just under 4% for the day. 

It is currently trading above its 20, 50, 100 and 200 day moving averages. On top of this there could be a potential breakout from the current range bound volatility witnessed which is shown by the chart I have posted below.



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