Notice how FXI held roughly $45 after forming a kicker on June 16-17. Looking back to the other lows of May 13 and March 25, we discover an inverted pattern.
Next, FXI squeezed along its 50-day ( ) for the last month. Price action the last two sessions suggests that resistance has finally been broken.
has also been steadily rising since late March. Combined with the mid-May low, this has resulted in .
Finally, the 8-day ( ) has crossed above the 21-day . The 21-day is also trying to get above the 50-day for the first time since the crash in February. That could signal a more significant change of direction in favor of the bulls.
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