From a technical view, the iShares Brazil Index ETF, (EWZ) is capped by a declining trend line. In addition, the ETF has struck against a significant resistance area at 52 (low of April).
Regarding technical indicators, the RSI is posting a bearish divergence, adding downward pressure.
On a relative basis against the iShares Core S&P 500 ETF, (IVV), S&P 500 ETF (SPY), iShares MSCI Brazil Index Fund is capped by a declining trend line drawn from the top in March 2012 and looks set for a down turn.
Trading strategy:
Short Sell @ $50.4 - Stop loss @ $52 - Targets @ $45.75