For the past two sessions, the iShares FTSE/Xinhua China 25 Index ETF (FXI) has been consolidating in the upper 30% of the March advance from 22.69 to 27.86, which in general is very constructive action and should predate another thrust that points to 29.00 next. Any kneejerk downside reaction to the FOMC statement should contain the “temporary” sell-spike, prior to the resumption of strength within the dominant near-term uptrend. On the upside, key micro resistance resides at 27.75/90, which if hurdled should trigger upside acceleration towards 29.00 next.



Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.