FXI 39.19 bullish – Posts new 2-month highs
FXI extends the rally off the 34.32 higher low(September 29, 2015) to reach new 2-month highs. Improving momentum suggests there is scope for further upside towards 40.45 (38.2% of the 52.85/32.80 fall). Above would expose the 41.55 lower high (August 17, 2015 weekly high). The 37.02 area offers immediate support. However, a break down below there would caution for prolonged consolidation towards 34.32.
Outlook:
Daily: bullish
Weekly: bullish
Monthly: neutral
FXI extends the rally off the 34.32 higher low(September 29, 2015) to reach new 2-month highs. Improving momentum suggests there is scope for further upside towards 40.45 (38.2% of the 52.85/32.80 fall). Above would expose the 41.55 lower high (August 17, 2015 weekly high). The 37.02 area offers immediate support. However, a break down below there would caution for prolonged consolidation towards 34.32.
Outlook:
Daily: bullish
Weekly: bullish
Monthly: neutral
