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.
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