“.... Trade wars are easy to win...” they said. The outcome for $X has been a wipe off of $5B in market cap, marginally breaking even with its previous low levels from 2016 since the so called “trump’s rally”. Currently $X comes from a strong downtrend from its previous high levels around $48 and slamming at its current support in the $15’s. It hit support and bounced, but still in the bearish
side, so probably some shorts taking profits, nothing to declare we’re out of the woods yet. I would expect the support to be retested before committing a line here and I would take a more conservative approach.
The “Trade talks” will be deferred until September with no sign of advancing and turning into ultimatums rather than negotiations. For this reason I am neutral, and in a wait and see pattern.