China Corrects, Uptrend Intact

07/30/2009 9:29 am EST


Thomas Aspray

, Professional Trader & Analyst

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China's IPO-buying frenzy on Wednesday was met with profit taking as the market closed down and FXI gapped lower. FXI was higher in pre-opening trading and the daily chart shows a well-established uptrend. First good support is at $39.40 with stronger support in the $37.50-$38.20 area. The upper trading channel is now in the $47 area.

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