One of the noteworthy developments in recent days has been the move in Chinese tech stocks. The group has been under selling pressure as trade-related worries have created anxieties among traders. After a strong run of outperformance that saw the Invesco China Technology ETF (CQQQ) surged nearly 72 percent in 2017, the ETF fell for three straight day, tumbled 4.5 percent Wednesday to 54.04, down nearly 11 percent YTD. Now the question is whether the recent selloff is a pause that refreshes or it’s a beginning of something worse? Below is an update look at a trade in CQQQ.
The graphic below is from our “U.S. Market Trading Map”, show the near-term technical bias and trading ranges. As shown, the underlying is in a short-term bullish trend when the price bars are painted in green. The underlying is in a short-term bearish trend when the price bars are painted in red.
Chart 1.1 – Invesco China Technology ETF (weekly)
Our “U.S. Market Trading Map” painted CQQQ bars in red (sell) – see area ‘A’ in the chart. Alter a strong run of outperformance since 2015, CQQQ peaked in late 2017 and traded within the 55-67 trading range. This week’s massive selloff pushed the ETF below the lower boundary of its 7-month sideways trading range, signify…Click here to read more.
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