There has been a lot of discussion of an emergence of emerging markets. China ($FXI) is no exception as it tries to break its downtrend. This is the topic of my TraderPlanet piece for this week.
Here’s a piece:
While 2013 hasn’t been a great year for China, but it appears to be gaining some steam as $FXI head higher. The general theme this year has been U.S. stocks or nothing at all. Nearly any attempts to diversify away from domestic equities you have likely been penalized. The iShares FTSE China ETF ($FXI) has been trying to break that trend with its recent rally.
Since January we have watched FXI make lower highs and lower lows as its downtrend protracted. With this recent bout of strength we can see in the chart below that China is back up against falling resistance. If price is able to break above the $35 level then the next target would likely be $37 – the May high.
Read the rest: China Hits Resistance (TraderPlanet)
Disclaimer: Do not construe anything written in this post or this blog in its entirety as a recommendation, research, or an offer to buy or sell any securities. Everything in this post is meant for educational and entertainment purposes only. I or my affiliates may hold positions in securities mentioned in the blog. Please see my Disclosure page for full disclaimer. Connect with Andrew on Google+, Twitter, and StockTwits.
