Also from yesterday’s pre-market update (incl. 1st chart below)…
We noted 42 to 43 as the initial support per Tuesday’s NFTRH+ update on FXI.
“FXI is getting to a point however, where it can bounce (1st support). It is also getting to a point where those who are bulls on China for long-term investment might take initial positions or add an increment to existing ones.
That said, for the purposes of this update, we’ll call it a ‘look forward’ like yesterday’s update on Europe, and use the stingy and conservative lower level as a buy.”
Here is the weekly chart from that update showing a drop right into the support zone and very close to the buy target of 38. This has been outright terror, and a buy around this level could provide quite a trade (stop loss is a loss of 36). For my part, I bought EWH (Hong Kong) instead. I’d like to get FXI but would rather not chase a strong bounce.
Just look at those momo’s rush to get in, with the media at their backs every step of the way.
Subscribe to NFTRH Premium for your 25-35 page weekly report, interim updates and NFTRH+ chart and trade ideas or the free eLetter for an introduction to our work. Or simply keep up to date with plenty of public content at NFTRH.com and Biiwii.com. Also, you can follow @BiiwiiNFTRH.