China Large-Cap ETF Dropped Sharply Last Week

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Not only has it been a rough week for U.S. stocks, but the iShares China Large-Cap (NYSE:FXIhas taken a beating as well, as fears of increased tariffs on Chinese goods were realized today. The exchange-traded fund (ETF) is threatening its first five-day losing streak of 2019, and its worst week since February 2018. What’s more, FXI options have been active this week, with put open interest now at an annual high.

FXI shares were last seen 0.1% lower at $41.65, set for their lowest close since January. The ETF rocketed higher to start 2019, and just last month was bumping up against the formerly supportive $46 area. Now, shares of the fund are pacing for a second straight close beneath their 200-day moving average, and are testing the waters around $41 — a 61.8% Fibonacci retracement of the aforementioned January-to-April rally. For the week, FXI has surrendered more than 7%, set for its steepest weekly drop in more than a year.

Read more at : https://www.investing.com/analysis/china-etf-set-for-worst-week-in-more-than-a-year-200420501

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