FXI 39.19 bullish – Posts new 2-month highs
FXI 39.19 bullish – Posts new 2-month highs
FXI extends the rally off the 34.32 higher low(September 29, 2015) to reach new 2-month highs. Improving momentum suggests there is scope for further upside towards 40.45 (38.2% of the 52.85/32.80 fall). Above would expose the 41.55 lower high (August 17, 2015 weekly high). The 37.02 area offers immediate support. However, a break down below there would caution for prolonged consolidation towards 34.32.
Outlook:
Daily: bullish
Weekly: bullish
Monthly: neutral
FXI extends the rally off the 34.32 higher low(September 29, 2015) to reach new 2-month highs. Improving momentum suggests there is scope for further upside towards 40.45 (38.2% of the 52.85/32.80 fall). Above would expose the 41.55 lower high (August 17, 2015 weekly high). The 37.02 area offers immediate support. However, a break down below there would caution for prolonged consolidation towards 34.32.
Outlook:
Daily: bullish
Weekly: bullish
Monthly: neutral
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.