China Stock Market ETF Near-Term Bottom?
Stock-Markets / Chinese Stock Market Sep 18, 2008 - 01:19 PM GMT
My near and intermediate-term work on the iShares China ETF (AMEX: FXI) indicates that the September 17 low at 30.25 and the upmove into this morning's high at 33.48 established the first coordinate in a near-term bottoming process, which if accurate argues for a recovery period that propels the FXI to the 37.00/50 area prior to the completion of the initial advance. The only question here is how much of the initial pop (30.25-33.48) will be retraced on US market weakness? We are about to find out.
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By Mike Paulenoff
Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction
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