In my weekend Report, I made particular note of FXI, the exchange traded fund on the American market consisting of many important Chinese stocks.Last night, FXI completed an inverse head and shoulders pattern in emphatic fashion. That's a big positive for the Ozzie market.
It is now at the confluence of the 50-Day and 200-Day SMAs.
The way the ETF broke upwards last night should see it continue upwards. The barrier of the two SMAs might slow progress but shouldn't stop it.
This makes an important proviso to my previous post about the American and Australian markets.
Which way?
Anybody's guess.
Cheers
Red
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