Big-Picture Pattern Still Bullish for China FXI ETF
Stock-Markets / Chinese Stock Market Dec 15, 2010 - 01:00 PM GMTBy: Mike_Paulenoff
From a big picture weekly chart perspective, the series of higher lows and higher highs off of the October 2008 bear market low at 19.35 is the dominant pattern that underpins the iShares FTSE/China 25 Equity Index (NYSE: FXI) right now.
As long as the major up trendline from October 2008 to the present (26 months) remains intact, now at 42.00/05, we will be looking for another loop to the upside towards 49.00-50.00 next.
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By Mike Paulenoff
Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.
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