Today we'll analyze the Stock fxi for online market trading,
Technical indicators to notice:
1- Last bullish trend was from 126.62$ (03/17/08) to 133.00$ (03/18/08) a 6.38$ move
2- The current bearish trend started from 133.00$ at 03/18/08 and is currently trading at 123.69$.
3- The stock current support level is at 122.68 which is the 161.80% fibonacci retracement of the last 6.38$ move.
4- The stock current resistance level is at 124.88 which is the 127.20% fibonacci retracement of the last 6.38$ move.
5- The Stock was resisted by a resistance line, identified by two points: 133 and 146.45, and is currently resisting at 130.31.
6- According to ADX, the trend is currently strong bearish, which is getting stronger.furthermore, the ADX location between DMI+ and DMI- is hinting on a strong move ahead. the stock is very volatile at this point.
Conclusion:
fxi is currently trading a strong bearish wave, which is becoming stronger .
Technical indicators and chart patterns show highly volatile movements favoriting no favorited direction,
recommend hold or waiting for entry , because of the high expected future volatility, consider constructing symmetrical options strategies for buying volatility through strangles or straddles.
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Resistance Levels: 124.88, 125.89, 126.62, 127.25, 128.35, 129.06, 129.44, 129.81, 130.31, 130.56, 131.49, 133.00, 133.00.
Support Levels: 122.68,.
We Moved!!
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Thursday, March 20, 2008
iShares FTSE/Xinhua China 25 Index (ETF) (FXI) Technical Analysis
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have a nice day,
Shadi
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