Looking for Re-Entry in the China Trade
$KWEB
It was about a month ago that I posted this about China, and the KWEB 0.00%↑ ETF specifically -
The move from there was swift and powerful. As a trader, a 40%+ gain within the span of a couple of weeks is a dream, but also a challenge. I’m always going to book gains on a runner like that, but my underlying thesis outlined in the post was unchanged. I believe KWEB 0.00%↑ has longer term potential, and I’m eyeing current levels as a re-entry point for capturing that move.
KWEB 0.00%↑ moved from around $25 to $40 during the late September/early October spike up. It’s currently sitting around the midpoint of that range after this past weeks retrace, while holding an RSI above $50. Consolidation above $32.50 (May highs) would be constructive for the next leg higher. The short term risks are that the numerous gaps down to $26 become filled. So I’m not putting a full position on, but am creeping back in on a hold above $32.50.