China Hits Overhead Supply

$FXI

China has been a a great trade for nearly 6 months. FXI 0.00%↑ is at a new 52 week high today, but is this a level where momentum could pause? Monthly chart of FXI 0.00%↑ above shows the supply that is overhead. AVWAP from the ETF’s launch is also there in black. Has the easy money been made?

This seems like a logical place for China to digest the gains of the past half year. But if it’s not, we can see that there’s very little resistance once FXI 0.00%↑ clears $44.