China Internet ETF (KWEB) - Most O/S Since 2013
China Internet (KWEB) - Most Oversold Since 2013. Opportunity To Phase In?
The fallout may be providing opportunity for a small long position.
Some of the drivers:
- 7-week RSI at the lowest level since 2013. Reading of 11.
- Price at lower boundary of 200-week linear regression channel.
- Back-test of May 2020 breakout level.
At $47.65, the sharp decline appears to have opened up a mean reversion opportunity. There is a higher level of RISK so SMALLER positions apply.
I would look to buy at current levels or lower
Last: $47.65
Preferred range: $45.00-48.00
Stop: $38.00
Target Range: 58.00-67.00
The fallout may be providing opportunity for a small long position.
Some of the drivers:
- 7-week RSI at the lowest level since 2013. Reading of 11.
- Price at lower boundary of 200-week linear regression channel.
- Back-test of May 2020 breakout level.
At $47.65, the sharp decline appears to have opened up a mean reversion opportunity. There is a higher level of RISK so SMALLER positions apply.
I would look to buy at current levels or lower
Last: $47.65
Preferred range: $45.00-48.00
Stop: $38.00
Target Range: 58.00-67.00