Wednesday, 10 April 2024 | 13h56
Reading Time: 2 Minutes
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Key Points
The ETF is higher by 26% from the 13 February research note (see yellow vertical line) which highlighted the divergence between the price and the Chinese Yuan.
Short Term Technical Rating: Overbought
Previous Session Short Term Technical Rating: Overbought
The ETF has advanced into a FLAT 200-WEEK SMA.
The ETF is extended by 10% above it's 21-day EMA. This is the largest extension since November 2022.
The ETF is approaching two key levels: (1) the previous swing high (Aug-2023) and (2) 50-61.8% Fibonacci Extension range (measured from the January 2023 high to the February 2024 low.
Bottom Line: For short term traders, it may be an opportunity to reduce some of the position into this strength and key levels.
Current Chart
The original comment, as published on Tuesday 13 February for Unum Capital clients, is shown below (Was 5274c, now nearing 6684c).
Lester Davids
Analyst: Unum Capital
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