FXI 38.59 bullish – Potentially forms a rising channel
FXI 38.59 bullish – Potentially forms a rising channel
FXI rebounded strongly off 34.32 (September 29, 2015 low) to reach 38.91 (October 7, 2015 high), potentially forming a rising channel (as shown on the daily chart). The rising indicators suggest further upside is expected towards 40.64 (August 13, 2015 high) and 41.55 (August 10, 2015 high), near 38.2% of the 52.85/32.80 fall. On dips, 37.02 (October 6, 2015 low) offers immediate support. Below lies 35.85 (October 2, 2015 low and 20 day moving average). If the bears are able to break below there, that would signal further range-bound action within the channel.
Outlook:
Daily: bullish
Weekly: neutral
FXI rebounded strongly off 34.32 (September 29, 2015 low) to reach 38.91 (October 7, 2015 high), potentially forming a rising channel (as shown on the daily chart). The rising indicators suggest further upside is expected towards 40.64 (August 13, 2015 high) and 41.55 (August 10, 2015 high), near 38.2% of the 52.85/32.80 fall. On dips, 37.02 (October 6, 2015 low) offers immediate support. Below lies 35.85 (October 2, 2015 low and 20 day moving average). If the bears are able to break below there, that would signal further range-bound action within the channel.
Outlook:
Daily: bullish
Weekly: neutral
