Brazil Bovespa (65017)
Intermediate trend: Bearish
Before moving towards an all time high of 73920, the index had witnessed a strong resistance near 66800-65800 region; which ideally should have been acted as a strong support zone in subsequent corrective down moves. However, the index has broken this crucial area, downward, thereby weakening overall bullish structure.
At present its making efforts to regain control, however, a close above 66800-67000 is must. If failed, then slow and steady downtrend will open towards 60900-61000 region.
