The new president tauted her first 100 days in office mexiconewsdaily.com/news/sheinbaum-100-day-address-plans-achievements-report/ yet the stock remains in a downtrend. On a chart pattern look, it appears that we are in the midst of a larger-term Right shoulder of a massive head and shoulders formation.
The shorter-term formation also appears to be a head and shoulders formation with the neckline coming in just below 44. From there, it could pattern out the right shoulder before dropping again below 30.
Trump hasn't even taken office yet and Mexico is feeling the pain. While things might turn around, it's hard to feel positive in a socialist political environment. Should interest rates in the US continue to rise, negatively affecting US stocks, EWW tumbling down to the $30 level wouldn't be too much of a surprise.
The shorter-term formation also appears to be a head and shoulders formation with the neckline coming in just below 44. From there, it could pattern out the right shoulder before dropping again below 30.
Trump hasn't even taken office yet and Mexico is feeling the pain. While things might turn around, it's hard to feel positive in a socialist political environment. Should interest rates in the US continue to rise, negatively affecting US stocks, EWW tumbling down to the $30 level wouldn't be too much of a surprise.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.