With China in the early recovery stage of the business cycle it may be time to consider a trade to the long side.
The FXI is currently trading at the POC line on the 1 year fixed vol profile. We see a series of higher lows after bottoming on January 22, which is also a prior low back in October 2022.
The OBV confirms the uptrend and the DI+ recently cossed D- from bellow. I anticipate the ADX rising in the near term to confirm the trend strength.
The circle highlights a confluence of points where price is trading at the POC, testing the .5 fibonacci level and breaking out of the wedge.
Looking for a close over 24.14 with increased volume.
Targeting 27.42 & 35.17
Stop: 23.50
The FXI is currently trading at the POC line on the 1 year fixed vol profile. We see a series of higher lows after bottoming on January 22, which is also a prior low back in October 2022.
The OBV confirms the uptrend and the DI+ recently cossed D- from bellow. I anticipate the ADX rising in the near term to confirm the trend strength.
The circle highlights a confluence of points where price is trading at the POC, testing the .5 fibonacci level and breaking out of the wedge.
Looking for a close over 24.14 with increased volume.
Targeting 27.42 & 35.17
Stop: 23.50