IGRA Showing Its Metal

Since we first became bullish Peruvian stocks on March 25 (see 'Bullish Short-Term Outlook For Assets'), the IGRA equity index rallied 21.7%, breaking above the 200-day moving average for the first time since late 2007. Although a highly bullish signal, the index is running into fierce resistance. At 10,200, the first Fibonacci resistance level presents the first hurdle for the IGRA, which if broken, will see the index come up against major trendline resistance.

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