Nope, not yet atleast! Upon going through my charts under watch I ran by the Tracking Fund for the China 25 Index (FXI). The fund is trading real time at about $99.40, and as you will see from the chart below, $100 is an interested barrier to be broken. If the stock can push above $100, then where is the next resistance? I don’t really know to be honest, perhaps the 50 day moving average which as seen is around $105.
But, before we get all excited about FXI heading back into the $100+ range, let’s look at the chart:
What I don’t like here is the volatility that exists to the downside. Buying before a strong break past $100 would put you in a pretty ugly odds situation. The fund could easily collapse back into the mid $90s without a problem and this would create trouble.BUT, a last note to consider back on the positive side, take a look at the MACD trend, it is showing oversold. The two lines (back and red) are looking to potentially recross here perhaps this week. Could this be the turnaround we need to fully exploit our upside desires? You make the call.