I have been keeping a close eye on FXI which is the Exchange Traded Fund (ETF) that tracks the Ftse/Xinhua China 25 Index, and it is nearing its next major buy point for long term bulls.
FXI first came under big notice when on 4/23/08 it gapped on heavy volume to close above key resistance. Since then the ETF has formed a very nice short term base and looks poised to start moving up again.
For those who have not seen FXI before, the index tracks 25 of the largest Chinese stocks and is a arguably a great play on the overall Chinese market.
As seen in the chart the next major buy point for FXI is going to be at $162.90. Make sure to add FXI to your watch lists and time will tell how this trend unfolds.