FXI closes higher for the 3rd day in a row


iShares China Large-Cap ETF (FXI) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

FXI breaks above 20-day moving average for the first time since February 21st
FXI dominated by bulls lifting the market higher throughout the day
FXI closes higher for the 3rd day in a row
FXI pushes through Wednesday's high

Overview

Moving higher for the 3rd day in a row, FXI finished Thursday at 38.35 gaining $1.02 (2.73%) on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 37.74, FXI ETF confirmed its breakout through the prior session high after trading up to $0.66 above it intraday.

Daily Candlestick Chart (FXI as at Mar 26, 2020):

Daily technical analysis candlestick chart for iShares China Large-Cap ETF (FXI) as at Mar 26, 2020

Thursday's trading range has been $1.47 (3.97%), that's above the last trading month's daily average range of $1.14. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for FXI.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, FXI gained 1.52% on the following trading day.

The market managed to close above the 20-day moving average at 37.78 for the first time since February 21st. Prices are trading close to the key technical resistance level at 39.52 (R1).

While the ETF is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.

Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for FXI ETF. Out of 128 times, FXI closed higher 57.03% of the time on the next trading day after the market condition occurred.


Market Conditions for FXI as at Mar 26, 2020

Loading Market Conditions for FXI (iShares China Large-Cap ETF)...
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