It is not a stretch to say most emerging markets investors are well acquainted with the iShares MSCI Brazil Capped ETF (NYSEArca: EWZ) and the frustration inflicted by the largest Brazil ETF over the past several years.

In 2014, a continuation of the EWZ frustration theme, the ETF lost 15.5%. That was the second-worst performance among the major Latin America single-country ETFs, trailing only theGlobal X FTSE Colombia 20 ETF (NYSEArca: GXG).

The WisdomTree Brazilian Real ETF (NYSEArca: BZF), which monitors shifts in the Brazilian real against the U.S. dollar, fell 2.1% last year concerns that the country’s poor fiscal health could lead to a ratings cut, and speculation that the Federal Reserve would tighten its monetary policies also diminished demand for Brazilian assets. [Reforms Could Lift Brazil ETF]

Fast-forward to 2015 and EWZ is trying to steady and rebound. With Wednesday’s gain of 2.7%, EWZ has turned modestly positive for the new year and some technical analysts see more upside for the ETF.

“We have noticed that when the Brazilian Exchange Traded Fund EWZ pulls back to the bottom of this downward sloping parallel channel, some explosive upside moves have come in the past,” according to Captain John Charts. “This is a monthly chart, so it is longer term in nature and requires that you wait till the end of month to act. Since it was able to regain its position at the end of last December, it looks actionable to us now.”

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