GXC trade ideas
Support your sell reason with RSIIs China index oversold?
I do not think so from both short term fundamental reason as well as trend analysis.
I expect the price to fall through the inner bullish trend line (dotted) and heads much further south.
To help support my chart, I use Relative Strength Indicator (RSI) to determine if it is oversold. You can see that it still has some room to move down.
To exacerbate the situation , now China is facing a double whammy - Coronavirus without a cure as yet and now the deadly bird flu has returned. Read article here
This will add more panic and fear to the locals and in fact many people worldwide as well.
When China equity market opens tomorrow, imagine all the locals holding on to their local stocks that has been suspended, I believe many would gap down or plunge down hard , driving the index down as well.
Be extra cautious now in your trading/investment !
Chinese Market ETF Support at 82The current on-going trade war has pushed the Chinese market down. The GXC (China ETF), is still in a down-trend and may find support at 82. If it can hold 82, then it's a good long term buy at this level.
GXC- China ETFFib. ret on chart shows a reversal area on .786, feel like price action is bearish for rest of year and down to $80-$82 area. Will be selling or doing put options
china looking not so goodwith PMI report, seems like down is the way to go until some resistance at 60, then bigger resistance at 57. nothing after that until 30's
