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Auguraltrader
Feb 5, 2022 5:35 AM

GXC... perhaps it is time 

SPDR S&P China ETFArca

Description

So, the double tailed candles on the weekly chart only resulted on a week of downside, but the second week proved resilient.

The daily chart shows the spike down blowout and the immediate recovery. This indicates very strong support at about 98-100. The new interim support at 102 is holding too.

Now, I expected the lack of liquidity and sentiment to push lower, accentuated by the Chinese New Year absence of market participants. But this appears to be a subtle bullish hint that once the two week holiday is over, this dragon will fly... am expecting a test of the daily 55EMA, maybe even popping over the resistance (white line). Daily technicals are supportive.
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