Bulls in Danger … FXI

Deep Kimchi Ahead ?

Even before the exit could be made in YANG, the FXI reverses this morning’s marginal highs and heads lower.

The chart below is an update of prior analysis (at this link) showing upward progress, in percent.

Less net travel with each thrust.

FXI, Daily Chart

As this post is being created, FXI price action continues to erode … signs of exhausted bulls.

FXI can’t seem to get out of its current trading range.

Each attempt fails (with less energy than before) and price action falls back into the range.

Maintaining short via YANG, YANG-22-01 (not advice, not a recommendation).

Summary

At this juncture, it’s still early in the session and price action could reverse higher.

However, it’s obvious now, barring some kind of catalyst, the area above FXI, 33.70 – 33.80, presents significant resistance.

Stay Tuned

Charts by StockCharts

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.

The Danger Point®, trade mark: No. 6,505,279

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