China ETF GXC pre-launch test
Previously been highlighting China, particularly as Chian equites have been misunderstood, maligned, and assumed to have downside due to their tough COVID-19 strategies.
As expected, GXC launched with a gap up. However, this gap up did not translate further into a gap and run, but instead stalled. In view of the overall technical picture, it appears may have formed the last triangle pivot point.
Hence, the triangle has been adjusted accordingly, from previous.
The weekly chart has nice technicals with RPM and MACD crossing over upside. Would have preferred a more bullish candlestick for the week, but that did not happen.
The daily chart has a gap and stall, and this is likely to pan out with a retracement close and reopen the previous gap. Possibly to reconnect with the MA band, and then the real launch with a triangle breakout at the end of June. Path sketched out there.
Bullish but need some more baking time...
As expected, GXC launched with a gap up. However, this gap up did not translate further into a gap and run, but instead stalled. In view of the overall technical picture, it appears may have formed the last triangle pivot point.
Hence, the triangle has been adjusted accordingly, from previous.
The weekly chart has nice technicals with RPM and MACD crossing over upside. Would have preferred a more bullish candlestick for the week, but that did not happen.
The daily chart has a gap and stall, and this is likely to pan out with a retracement close and reopen the previous gap. Possibly to reconnect with the MA band, and then the real launch with a triangle breakout at the end of June. Path sketched out there.
Bullish but need some more baking time...
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