FXI drops to lowest close since July 1st
iShares China Large-Cap ETF (FXI) Technical Analysis Report for Sep 24, 2020 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, FXI ended Thursday at 41.11 losing $0.52 (-1.25%). Today's close at 41.11 marks the lowest recorded closing price since July 1st.
Daily Candlestick Chart (FXI as at Sep 24, 2020):
Thursday's trading range has been $0.41 (1.0%), that's slightly below the last trading month's daily average range of $0.46. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for FXI.
Prices are trading close to the key technical support level at 40.73 (S1).
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Down" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for FXI ETF. Out of 438 times, FXI closed higher 51.60% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 51.14% with an average market move of 0.14%.