AI
Monday, April 23, 2018 12:16:38 PM
One of the most popular way for traders and investors to trade and track the Chinese stock market is to use the iShares China Large-Cap ETF (NYSEARCA:FXI). This ETF includes Chinese companies such as China Construction Bank Corp, Tencent Holdings LTD, China Mobile LTD, CNOOC LTD and many others. Currently, the daily and weekly patterns in the FXI have shown choppy sideways consolidation. This consolidation pattern that is forming comes after a sharp decline from a January 26, 2018 peak. This indicates that the next major move for the FXI will be lower. The next important support level will be around the $43.00 a level. This area is where the stock broke out in August 2017. Often, prior levels will be solid support when initially retested.
Nicholas Santiago
InTheMoneyStocks
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