One of the noteworthy developments in recent days has been the move in Chinese tech stocks. The group slid to its lowest in more than a year following report that Donald Trump is willing to up the ante in the trade war with Beijing and could slap tariffs on every Chinese good imported to the U.S. The Invesco China Technology ETF (CQQQ) fell 1.20 percent Tuesday to 53.70, down more than 11 percent YTD. Now the question is whether recent selloff is a pause that refreshes or it’s a beginning of a new downswing? 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. After a strong run of outperformance since late 2015, CQQQ peaked in late 2017 and rolled over. Over the past few weeks, CQQQ has been trending higher in a short-term corrective mode as it worked off oversold conditions. The rally tested and failed at the 23.6% Fibonacci retracement…Click here to read more.
You see, our trend-following system is very unique as it attempts to pick turns before others see them. Timing is everything and if you’ve applied our system correctly, you should have made a killing in any markets.
This is just an example of many successful trades that our member had enjoyed recently. After all, aren’t you glad you subscribed?
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