Bull Flag for China ETF
Mid-Day Minute for Wed June 16th 2010
by Mike Paulenoff, www.MPTrader.com
by Mike Paulenoff, www.MPTrader.com
Be alerted when Mike posts an article
The iShares FTSE/Xinhua China 25 Index (FXI), after the pullback from yesterday's high at 41.08 into this morning's low at 40.68, appears ripe for upside acceleration. It appears to be consolidating between 41.00 and 40.70, and the price action has the right look of a bull flag continuation pattern prior to a thrust to the upside into my next optimal target zone at 41.50/80.
Only a break of today's low at 40.68 will compromise the bullish near-term pattern, which will give me reason to bail out of the long side of the FXI.
