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MCHI buy after over extended selling

Long
NASDAQ:MCHI   ISHARES TRUST MSCI CHINA ETF
Weekly analysis:
- Huge bullish volume when price bounce off support at 60
- Volume is quite significant so far because it has only been 3 days in for this week
- Nice void above. Not much resistance on the way to 2R

Daily analysis:
- Nice hammer like candle with decent volume (about 2 to 2.5 times the normal volume )
- Nice void above same as weekly

Intraday analysis:
- 2 higher lows
- Nice tight consolidation with EMA pointing up


Cons
- Sentiment of the coronavirus in China is concerning but I am currently testing a strategy to ignore news and only follow what the chart tells me. ( MCHI is a chinese etf )

Comments

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