We had NFTRH+ updates on both CHL and TCEHY in January (now publicly accessible).
NFTRH+; 1 Short-term Breakout, 1 Potential Long-term Breakout (a highlight of both CHL & FB on Jan. 15)
NFTRH+; A Chinese Stock Activating a Bottoming Pattern [w/ edit] (a highlight of TCEHY on Jan. 18)
Then I decided to highlight them publicly as well after the Macro Tourist (who I really dig, mind you) wrote a China-bearish article. Here is my post from January 23rd…
There is a Case Against China, But…
The “but” was because I was hanging out there with bullish ideas on two Chinese stocks, China Mobile and Tenecent Holdings. So let’s check in on those charts now.
The weekly chart of CHL shows that the breakout is no longer “would-be”, but actual. The target may be another story, but as of now it’s on plan.
As for TCEHY, this is the largest holding in the China Large Cap iShares FXI, which I am also now long. I mean, if we are going get a hope-filled rally to fix the fears of the trade war battered Q4, why not China? The charts said so then and as of now they still say so.
If the US market tops out, all bets may be off. But as we have been tracking each week in NFTRH’s Global Market Internals segment Chinese, Emerging and several other global markets have been leading the US market for months now, wonderful rally in the US or not.
Here, check it out (FXI/SPY ratio). Could all change tomorrow, but there have been a lot of tomorrows since September and as yet, it hasn’t.
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