novvoll12
Long

FXI $50.25: Posted a new 7-year high at 52.56 near key retraceme

AMEX:FXI   ISHARES CHINA LARGE-CAP ETF
FXI             rallied strongly to post a 7-year high at 52.56 ( April             16, 2015) near the 61.8% retracement of the 73.11/19.35 fall, before consolidating. The Technical indicators remains positive (on all time frames), reinforcing the bullish price action. Immediate support lies at 47.88 (21 day moving average, not shown on chart). Below rests 44.96 ( April             1, 2015 low, near 55 day moving average) which should hold dips. If bulls manage to reclaim 52.56, that would accelerate the year-long uptrend towards 54.94 (May 1, 2008 lower high, near 76.4% of the 73.11/19.35 fall) next.
Outlook:
Short term: buy on pullbacks
Long term: bullish
Excellent analysis! Thanks!
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