The iShares China Large-Cap ETF (NYSE:FXI) is moving higher today, thanks to President Donald Trump’s encouraging tweet on trade. The exchange-traded fund (ETF) was last seen 3.8% higher at $40.79, and it looks like one options trader is cashing in, with FXI call volume skyrocketing.
Shares of the fund have struggled since peaking at $54 in January, amid escalating trade tensions between the U.S. and China. However, FXI is set to topple its 20-day moving average for the first time in a month, after touching an annual low of $37.84 just last week. Still, the ETF’s formerly supportive 100-day moving average still rests in the overhead $42 area, and the $43-$44 neighborhood has stifled rebound attempts in the second half of 2018.