We have already touched base to IZZ CHINA ETF before. Now drilling it down in the short term daily. What would it take to turn things back to BULL in short and medium terms as well ?
We know that the long term trend with IZZ is still UP. Ideal scenario would be it clears it’s 50 period SMA on this daily chart which the current value of it is $61.88 turning the MEDIUM TERM TREND UP as well.
That is almost the level where we had seen the prior BREAKDOWN now marked as RESISTANCE LEVEL TO WATCH. It is an important level which we have a cluster of three resistance factors making it a stronger resistance zone. Those are the 50-62% Fib. retracement level,50 period SMA as well as the prior breakdown zone. This is the hurdle to overcome if we are to have BULLISH BIAS in the MEDIUM TERM as well as LONG TERM. It is like catching a nice WAVE which is in harmony with the TIDE.A zone to watch in other words.
But in the short term it is testing a 38% Fib. retracement zone. Lets wait see how it performs at current level.
This analysis is for educational purposes only. It is not an investment advice.