Chinese Stocks Attempt Triple Bottom: Bullish Reversal in the Offing?
Chris Kimble | Jan 26, 2024 01:59
It’s been over 15 years since China’s equity market was in a long-term bullish position.
Now, don’t get me wrong. There have been plenty of medium-term trends to trade and make money, but the long-term chart for the major China ETF (NYSE:FXI) has traded sideways since the 2009 low.
So where are we now?
Today we look at the “monthly” chart of FXI to provide an update.
As you can see, FXI has traded in a 15-year price channel (as well as a 10-year intra-channel). As we near the end of the month, FXI is attempting to create a bullish reversal pattern of the financial crisis and covid lows at (1).
Could a triple bottom be taking place in this out-of-favor country? China Bulls sure hope so. Stay tuned!
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