FXI hits 52 week bottom - time to buy?
Answers
3127 points
EthanR answered 3 months ago …
Shoeman, just because a stock is cheap doesn't make it time to buy. And often hitting a 52 week low is a negative sign. From a technical point of view, there is absolutely nothing to recommend about FXI at this time. It's not even oversold yet. The point and figure chart shows a double bottom breakdown yesterday, and a bearish price objective of 32.
So I would definitely wait longer on this one. Ask the question again in about 10 days.
2703 points
MNSL answered 3 months ago …
I think both Chinese and Hong Kong markets will go down further. FXI will go down further. Months of October will be very crucial.
I think temporary bottom will reach in October and then it will rebound towards end of this year at least for temporarily.
Because of tough competition telecom, shares will tumble not only in China but also worldwide. I think this sector will shrink sharply this year.
Similarly some energy stocks, all types of mining stocks and commodity stocks will tumble not only in China but also in commodity oriented countries sooner than later..
Warren buffet bought Petro china in the correct time and sold it at the correct time. Those who predicted long-term value in this energy stock are waiting desperately to dispose their holdings now. Energy stocks are more vulnerable and more volatile now. Thier bottom is too far away.
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