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By Mike Paulenoff, www.MPTrader.com
The UltraShort FTSE/Xinhua China 25 ProShares ETF (AMEX: FXP) appears to have established a near-term pullback low this morning at 76.06, and has pivoted into a new upleg that should continue the May-June advance towards a retest of the June high at 84.00. If 84.00 is hurdled and sustained, it just might unleash a very powerful follow-through that points considerably higher, into the 93.50 area, on the way to 100.00. At this juncture, only a failure to hold above 77.00 will begin to compromise the developing pattern, while a break below 76.00 will invalidate the work altogether.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
